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<blockquote style="position: relative; padding-left: 55px;"><section><a href="https://hachyderm.io/users/molly0xfff/statuses/113705082907136653">Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 24-Dec-2024 09:57:59 JST</a><a href="https://hachyderm.io/@molly0xfff" title="molly0xfff@hachyderm.io"><img src="https://gnusocial.jp/avatar/34789-48-20230824095227.webp" width="48" height="48" alt="Molly White" style="position: absolute; left: 0; top: 0;">Molly White</a><div><a href="https://hachyderm.io/@molly0xfff/113705078123485764" rel="in-reply-to">in reply to</a></div></section><article><p>The SEC has hit a subsidiary of Jump Crypto with a $123 million fine for their backroom dealings with the operator of the now-collapsed Terra stablecoin. They’ve also fined Cantor Fitzgerald — a company owned by a close Trump ally — for $6.75 million.</p><p><a href="https://hachyderm.io/tags/crypto" rel="tag">#crypto</a> <a href="https://hachyderm.io/tags/cryptocurrency" rel="tag">#cryptocurrency</a></p></article><footer><a rel="bookmark" href="https://gnusocial.jp/conversation/4244992#notice-8296727">In conversation</a><time datetime="2024-12-24T09:57:59+09:00" title="Tuesday, 24-Dec-2024 09:57:59 JST">about 2 months ago</time> <span>from <span><a href="https://hachyderm.io/@molly0xfff/113705082907136653" rel="external" title="Sent from hachyderm.io via ActivityPub">hachyderm.io</a></span></span><a href="https://hachyderm.io/@molly0xfff/113705082907136653">permalink</a><h4>Attachments</h4><ol><li><label><a rel="external" href="https://gnusocial.jp/attachment/3764042">The SEC has levied a $123 million fine against Jump Crypto subsidiary Tai Mo Shan [W3IGG], which was involved in a secret deal with Terraform Labs to help prop up the floundering Terra stablecoin in May 2021. Jump spent $20 million to help the supposedly “self-healing” stablecoin regain its $1 peg, earning about $1.28 billion in the process, and Terraform Labs CEO Do Kwon would later claim that the restoration to a $1 price was thanks to an automatic feature of the Terra project and not some backroom deal [I54, 60].10 This lie by Terraform Labs and Jump Crypto helped build confidence in the sustainability of the Terra token, which collapsed horrendously a year later.The SEC has also reached a settlement with Cantor Fitzgerald, which will pay a $6.75 million fine over allegations that two special-purpose acquisition companies (SPACs) had misled investors when they claimed that they had not been in contact with the eventual targets of their acquisitions.11 While the companies were not crypto-related (one is a now-bankrupt “smart glass” manufacturer called View, the other an Earth-observation satellite company called Satellogic), SEC action against a company helmed by Trump’s transition team co-chair and soon-to-be Commerce Secretary Howard Lutnick is noteworthy. Cantor Fitzgerald is also closely linked to the Tether stablecoin [I71].</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/705/080/427/216/268/original/1b2601b3c6183b42.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/705/080/427/216/268/original/1b2601b3c6183b42.png</a></li></ol></footer></blockquote>

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Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 24-Dec-2024 09:57:59 JST Molly White
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The SEC has hit a subsidiary of Jump Crypto with a $123 million fine for their backroom dealings with the operator of the now-collapsed Terra stablecoin. They’ve also fined Cantor Fitzgerald — a company owned by a close Trump ally — for $6.75 million.
#crypto #cryptocurrency
In conversationabout 2 months ago from hachyderm.iopermalink
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1. The SEC has levied a $123 million fine against Jump Crypto subsidiary Tai Mo Shan [W3IGG], which was involved in a secret deal with Terraform Labs to help prop up the floundering Terra stablecoin in May 2021. Jump spent $20 million to help the supposedly “self-healing” stablecoin regain its $1 peg, earning about $1.28 billion in the process, and Terraform Labs CEO Do Kwon would later claim that the restoration to a $1 price was thanks to an automatic feature of the Terra project and not some backroom deal [I54, 60].10 This lie by Terraform Labs and Jump Crypto helped build confidence in the sustainability of the Terra token, which collapsed horrendously a year later. The SEC has also reached a settlement with Cantor Fitzgerald, which will pay a $6.75 million fine over allegations that two special-purpose acquisition companies (SPACs) had misled investors when they claimed that they had not been in contact with the eventual targets of their acquisitions.11 While the companies were not crypto-related (one is a now-bankrupt “smart glass” manufacturer called View, the other an Earth-observation satellite company called Satellogic), SEC action against a company helmed by Trump’s transition team co-chair and soon-to-be Commerce Secretary Howard Lutnick is noteworthy. Cantor Fitzgerald is also closely linked to the Tether stablecoin [I71].
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