TechFlame reports that the founder of a defunct lending platform agreed to pay more than $10.5 million to the US SEC to settle the SEC's allegation that it misappropriated investors' funds to buy the collapsed stablecoin TerraUSD (UST). The SEC said in an order issued on Tuesday that the platform is called MyConstant, and its founder Huynh Tran Quang Duy (also known as Duy Huynh) falsely claimed to customers that their funds would be invested in a crypto-backed loan matching service to obtain 10% of the revenue. However, the SEC alleges that Huynh actually misappropriated $11.9 million of customer funds to purchase TerraUSD (UST), a stablecoin linked to the Terra blockchain, which crashed in mid-2022, causing billions of dollars to evaporate. MyConstant is one of several crypto-related businesses affected by the Terra crash, which is estimated to have evaporated $500 billion from the crypto market.