Tai Mo Shan, a subsidiary of Jump Crypto Holdings, was accused of engaging in deceptive practices to stabilize terrausd’s $1 peg. According to the SEC complaint, the firm purchased over $20 million worth of terrausd (UST) on days when its value dropped below $1. These actions allegedly misled investors into believing that UST’s algorithmic mechanisms, designed to maintain the peg, were functioning independently.

The SEC further alleged that Tai Mo Shan’s trading was incentivized by Terraform Labs, which offered discounted options for its sister token, Luna. The charges also include violations of securities laws in the underwriting and sale of Luna tokens. Tai Mo Shan reportedly acted as a statutory underwriter by acquiring Luna from Terraform Labs and reselling it as securities on U.S.-based crypto platforms between January 2021 and May 2022, according to the SEC order.

The collapse of UST in May 2022, known as a key event during the so-called “crypto winter,” triggered significant losses in the cryptocurrency market. Terraform Labs and its founder, Do Kwon, were previously found liable for fraud this year, resulting in a $4.5 billion settlement with affected investors.

Without admitting or denying the SEC’s findings, Tai Mo Shan agreed to pay $73.5 million in disgorgement, $12.9 million in prejudgment interest, and a $36.7 million civil penalty. The firm also committed to cease violating fraud and registration provisions of U.S. securities laws.

SEC Chair Gary Gensler highlighted the broader implications of the case, stating, “Here, the impact reverberated throughout the crypto markets, eventually costing the savings of countless investors.” Gensler will leave his post this year as the Trump administration takes over the White House.

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