Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 11975
Markets: 92589
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
11975
Cryptocurrencies
54.28%
Bitcoin Share
CryptoIntelligence 2024-12-22 14:25:00

Tai Mo Shan Settles with SEC for $123 Million Over TerraUSD Collapse

Tai Mo Shan Settles with SEC for $123 Million Over TerraUSD Collapse

Tai Mo Shan, a subsidiary of Jump Crypto, agreed to pay $123 million to settle charges with the United States Securities and Exchange Commission (SEC) on Dec. 20 for misleading investors about the stability of the TerraUSD (UST) algorithmic stablecoin before its collapse. The SEC revealed that Tai Mo Shan had an agreement with Terraform Labs in 2021 to purchase Terra LUNA at a steep discount. Additionally, Tai Mo Shan bought approximately $20 million in UST to maintain the stablecoin’s 1:1 peg with the US dollar. SEC Chair Gary Gensler remarked: “The impact reverberated throughout the crypto markets, eventually costing the savings of countless investors. Regardless of the labels, crypto market participants should comply with the securities laws where applicable and not deceive the public.” The Collapse of TerraUSD TerraUSD, once the third-largest stablecoin by market capitalization, collapsed in May 2022, causing widespread disruption in the crypto market. It was an algorithmic stablecoin that maintained its dollar peg through software and digital asset collateral. The collapse began on May 8, 2022, when a whale dumped around $285 million in UST, causing the stablecoin to lose its peg and drop to $0.98. By May 10, UST plunged further to $0.67, triggering liquidations among leveraged traders and sparking fear and uncertainty among investors. As UST’s market capitalization exceeded the underlying LUNA reserves, it became clear that the stablecoin lacked sufficient collateral, leading to its complete collapse as panic selling ensued. The fallout prompted a formal investigation of Terraform Labs and its founder, Do Kwon, by U.S. authorities, resulting in charges and a $4.4 billion settlement. The collapse also spurred regulatory reforms like the Lummis-Gillibrand Stablecoin Act of 2024, which banned algorithmic stablecoins.

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
54.28%
Bitcoin Share
249
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.