Jump Trading subsidiary Tai Mo Shan agrees to pay approximately US$123 million to settle with U.S. SEC

PANews reported on December 21 that the U.S. Securities and Exchange Commission (SEC) charged Tai Mo Shan, a wholly-owned subsidiary of Jump Trading, for misleading investors about the stability of Terra USD (UST), which is owned by Terraform Labs PTE Ltd. A so-called “algorithmic stablecoin” issued by Terraform. The Commission also charged Tai Mo Shan with acting as a statutory underwriter in the issuance and sale of securities in an unregistered transaction, and LUNA, a crypto-asset issued by Terraform, was offered and sold as a security.

As part of the settlement, Tai Mo Shan agreed to pay $73,452,756 in disgorgement, $12,916,153 in prejudgment interest and $36,726,378 in civil penalties. Tai Mo Shan neither admitted nor denied the SEC's findings and agreed to cease registration and fraud violations.