Fallen crypto tycoon Do Kwon’s company, Terraform Labs, agreed Wednesday to one of the largest penalties ever to settle a civil securities-fraud lawsuit, consenting to pay the Securities and Exchange Commission just under $4.5 billion and wind down its operations.

Kwon himself agreed to pay $204 million as part of the deal. The former chief executive of Terraform Labs was arrested last year in the Balkan country of Montenegro, where he remains in immigration detention. Both the U.S. and South Korea are seeking his extradition.

Source: WSJ