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Violation Tracker Individual Record

Company: Tai Mo Shan Limited
Penalty: $123,000,000
Year: 2024
Date: December 20, 2024
Offense Group: financial offenses
Primary Offense: investor protection violation
Mega-Scandal: Cryptocurrency
Violation Description: Tai Mo Shan Limited agreed to pay ovr $120 million to settle allegations it misled investors about the stability of Terra USD (UST), a purported algorithmic stablecoin issued by Terraform Labs PTE Ltd. (Terraform), when UST dropped from its purportedly fixed exchange rate of 1 UST to $1, known as a peg. The Commission further charged Tai Mo Shan with offering and selling securities in unregistered transactions by acting as a statutory underwriter with respect to certain of its offers and sales of LUNA, a crypto asset issued by Terraform and offered and sold as a security.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.