MyConstant Founder Settles SEC Claims for Over $10 Million
- Huynh Tran Quang Duy, also known as Duy Huynh, will pay $10.5 million to settle claims by the SEC.
- He misused approximately $11.9 million of investor funds to purchase TerraUSD (UST) before its collapse in May 2022.
- The SEC stated that MyConstant raised over $20 million from more than 4,000 investors between September 2020 and November 2022.
- Huynh must pay over $8.3 million in disgorgement, $1.5 million in prejudgment interest, and a civil penalty of $750,000.
- MyConstant ceased operations in November 2022 after facing regulatory action due to the fallout from Terra’s collapse.
The settlement reflects the SEC’s ongoing efforts to regulate practices in the cryptocurrency sector following significant market disruptions caused by events like Terra’s collapse, which wiped out billions in value across the crypto market.
Duy Huynh’s actions resulted in significant losses for MyConstant investors, with the firm losing nearly $8 million on UST investments alone.(Source)
