Crypto CEO Pays $10M for Secret TerraUSD Gamble With Investor Funds

Krutika Adani

Crypto CEO Busted for Terra Bet

MyConstant’s founder secretly used $11.9M in customer funds to buy TerraUSD—now he owes over $10.5M in penalties.

Promised 10% Returns—Delivered Collapse

Huynh told investors their funds went to “low-risk” crypto loans. Instead, he gambled on a stablecoin that imploded in 2022.

SEC Uncovers TerraUSD Gamble

The SEC says MyConstant lost nearly $8M betting on TerraUSD. Huynh also misused $415K for personal expenses.

Fake Loans & False Promises

To hide the losses, Huynh allegedly sent fake loan summaries to investors, urging them to reinvest after the collapse.

Now Paying the Price

Huynh agreed to pay $8.3M in refunds, $1.5M in interest, and a $750K penalty—without admitting guilt. MyConstant shut down in late 2022.

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