The founder of the now-closed lending platform MyConstant has agreed to pay over $10.5 million to resolve allegations from the U.S. Securities and Exchange Commission (SEC). Huynh Tran Quang Duy, also known as Duy Huynh, misused investor funds to purchase $11.9 million worth of TerraUSD, a stablecoin that collapsed in 2022, leading to significant losses. MyConstant, which claimed to offer returns of 6% to 10% by pooling customer funds, raised over $20 million from more than 4,000 investors between 2020 and 2022. The SEC found that Huynh misappropriated around $415,000 for personal expenses and attempted to reassure investors with misleading information about their funds. Following the collapse of several crypto firms, MyConstant ceased operations in November 2022 and has since returned $1.8 million to investors. Huynh will pay $8.3 million in disgorgement, $1.5 million in prejudgment interest, and a $750,000 civil penalty, without admitting or denying the SEC's findings. Read more AI-generated news on: https://app.chaingpt.org/news

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