The SEC has requested a New York court to impose $5.3 billion in fines on Terraform Labs and Do Kwon to resolve the civil fraud case against them. The regulator claims that the fines are a "reasonable approximation" of Terraform and Kwon's "ill-gotten gains" from the fraud. Terraform Labs and Kwon were found liable on civil fraud charges earlier this month, when a Manhattan jury concluded that they had misled investors about the stability of their so-called "algorithmic" native stablecoin, Terra USD (UST), and the use cases for the Terra blockchain. The SEC is also seeking injunctions preventing Kwon and Terraform Labs from committing further securities violations.