CandleFocus SEC Accuses Tai Mo Shan of Misleading Terra Investors
2024-12-21
Author: Content Editor
The SEC has charged Tai Mo Shan Limited, a subsidiary of Jump Crypto Holdings LLC, for misleading investors about the stability of Terra USD and selling unregistered securities. Tai Mo Shan claimed that Terra USD was a stablecoin pegged to $1, but it was later revealed that the stability was maintained through external interventions, not a magical algorithm. Furthermore, Tai Mo Shan acquired LUNA tokens and resold them on U.S. exchanges without registering them as securities, breaking securities laws. The company agreed to pay over $123 million in fines and is under a cease and desist order. This case highlights the fragility of the crypto ecosystem and the need for stricter regulations.
Related News
MetaStreet Leverages the Earliest Onchain DePIN Finance Pool to Boost NodeFi Coverage Bitcoin on the Rise: Higher Highs, Higher Lows Signal $113K Target Cryptocurrency Prices Today Dec 21: BTC Hits $97K, HYPE and VIRTUAL Gain 25% Bitcoin Whales Scoop Up $1 Billion Worth of BTC During Dip Whale Profits from Strategic $LINK Trading as Market Dips SEC Accuses Tai Mo Shan of Misleading Terra Investors XRP Price Crash: Analyst Says Don’t Get Distracted As RSI Is Still Above A Bullish 50% Japan’s controversial crypto tax system set for review in 2025 Time to Buy ETH? Ethereum Whales $28.5M Worth of Ether US SEC Charges Tai Mo Shan With Fraud Over Terra USD Peg Stability Claims Over $2.3 Billion Stolen in Crypto Hacks and Frauds in 2024 Colombian Investors Can Now Trade Bitcoin ETF Shares in Pesos Bitcoin Realized Losses Spike 3 Times The Weekly Average – Healthy Correction Or Downturn? Marathon Digital warms 80,000 Finnish homes with heat generated from Bitcoin mining Crypto Whale Sells 22,746 $ETH for Debt Repayment Amid Price Dip XRP Price Prediction For December 21 Crypto Analyst Says On-Chain Indicator Flashing Bullish Signals for XRP, Solana and Two Other Altcoins $105,000,000,000,000 To Be Handed Down As Great Wealth Transfer Enters Full Swing – And One Generation Will Benefit More in the Short Term: Report MetaStreet Leverages the Earliest Onchain DePIN Finance Pool to Boost NodeFi Coverage Crypto Whales Bought These Altcoins in the Third Week of December 2024 JPMorgan Chase, Wells Fargo and Bank of America Customers Lose $870,000,000 To Scammers on Zelle, Forcing Victims To ‘Fend for Themselves’: CFPB BONK Burn Campaign Nears 1 Trillion Tokens Coinbase believes tokenization, DeFi will be key themes in 2025 amid pro-crypto policies Bitcoin Price Repeating December 2023’s Playbook: Is The ‘Actual Breakout’ Yet To Come? Polkadot Price at Crossroads: Will Fibonacci Support Revive DOT? Bitcoin (BTC) Loses $100,000: What's Next? Ethereum (ETH) To Never See $4,000? Solana (SOL) Great Reset Is Incoming SUI Price Defies Market Correction with TVL Surge; Is $5 Close? EU Commission approves Nvidia’s Run:ai acquisition We Need In-Kind Redemptions For The Spot Bitcoin ETFs It’s Not Unusual: Stablecoin Platform Altcoin USUAL Bucks Crypto Downtrend Following Binance Listing EU’s upcoming crypto rules could impact liquidity due to USDT delistings 3rd largest blockchain by stablecoin cap, $100M+ in RWA – What went right for Arbitrum in 2024? Lack of proper indexing is throttling DApp speeds — Pangea CEO