Now the manufacturer of the Difact Landing Platform has agreed to pay $ 10.5 million to claim American securities and exchange commissions that he has an investor money to buy millions of stabeloin teruses before he collapsed.
Hyenh Tran Quang Duy, also known as Dew Hyinh, told his firm, myconstant customers that they would go to a loan matching service supported by the money Crypto that would give an order on Tuesday.
The agency claimed that reality, Huynh, used $ 11.9 million of its customers’ money to buy Terrausd (UST), tied to Terra Blockchain, which collapsed in mid -2022 and erased dollars billion.
Myconstant was one of the several crypto-linked businesses affected by the collapse of Terra, which is expected to flush from half a trillion dollars from the Crypto market.
The company has faced regulatory action since the end of 2022, when the Finance Regulator of California accused the state of violting the state’s securities laws and ordered the IT case operation, but this first appeared when myconstant customers could see the first time.
Huynh Myconstant to pay millions to customers
Hyunah, a citizen from Vietnam and America, secured, who agreed to pay an explosion of more than $ 8.3 million with a bias of $ 1.5 million bias to return to mycostant customers.
He will also have to punish a $ 750,000 civil punishment with 14 days, and does not accept or reject other findings.
SEC says
Kas for SEC, Myconstant started in 2018 and claimed to offer a return between 6% to 10% by pooling and lending to customer funds supported by Crypto.
This advertised the investment as a “low risk” and between September 2020 and November 2022, Myconstant raised over $ 20 million from more than 4,000 investors, the agency said.
Huynh spent $ 11.9 million to buy Terrausd and incorrectly opened the funds of about $ 415,000 for his personal use, but then lost more than $ 7.9 million on his Terrardu when the price of tokens was quickly and significantly in May 2022.
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Then Hoonhe again demanded “the security of his funds to assure investors with the faals and to re -organize them in myconstant, and the firm gave an email summary showing the firm’s debts.
Myconstant stopped operations in mid -November 2022, with the fall of several crypto companies that year, with all the company of assets in a trust for investors, returned $ 1.8 million to the investors.
Terra offers huge yields for Stablecoin
It is not clear how Huynh allegedly used hisusd holdings, but at the time of alleged plan, Terra Blackchain offered 20% annual return on Linding Service The Anchor Protocol.
Terra eventually collapsed due to a crypto market to Lull and users pulling money from the blockchain’s ecosystem.
The Terrausd was tied to the blockchain token, Terra (luna), an algorithm meant that its value was to be kept at $ 1, but the price of Luna falling inspired Stabecrims to dyeg, which then caused a death serpent for both tokens.
Terra’s co-founder Do Qon is waiting for a test in the US on allegations of Multil Fraud at Ralacchane.
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