The founder of a defunct lending platform has agreed to pay more than $10.50 million to the US Securities and Exchange Commission to settle charges that he misappropriated investors' money to buy the collapsed stablecoin TerraUSD (UST).
The SEC said in an order issued Tuesday that the platform, called MyConstant, was founded by Huynh Tran Quang Duy, aka Duy Huynh, who lied to customers that their money would be invested in a cryptocurrency-backed loan-matching service that could earn 10 percent.
However, the SEC alleges that Huynh actually misappropriated $11.90 million of client funds to buy TerraUSD (UST), a stablecoin pegged to the Terra blockchain, which crashed in mid-2022, causing billions of dollars to evaporate.
MyConstant was one of several cryptocurrency-related businesses affected by the Terra crash, which wiped an estimated $500 billion from the crypto market.
Cryptocurrency firm executives to pay $10 million to settle SEC allegations over bets on TerraUSD
2025-08-06 04:02:55
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
Previous article：
金色午报 | 8月6日午间重要动态一览
