MyConstant founder to pay $10 million to settle SEC allegations of misappropriating investor funds to purchase UST According to Cointelegraph, the US Securities and Exchange Commission (SEC) has revealed that Huynh Tran Quang Duy (also known as Duy Huynh), founder of the bankrupt lending platform MyConstant, has agreed to pay over $10.5 million to settle allegations of misappropriating investor funds to purchase UST. The SEC stated that from September 2020 to November 2022, MyConstant raised over $20 million from over 4000 investors, claiming that the funds were used for low-risk, 6% -10% return cryptocurrency loan matching services. But Huynh misappropriated $11.9 million of customer funds to purchase UST, and also misappropriated approximately $415000 for personal use. In May 2022, UST prices plummeted, causing him to lose over $7.9 million in investments. To cover up the facts, he falsely assured investors of the safety of funds and fabricated loan summary information. In mid November 2022, MyConstant was shut down due to the bankruptcy of multiple cryptocurrency companies. Currently, Huynh is required to pay over $8.3 million in illegal gains, $1.5 million in interest, and $750000 in fines, and has neither admitted nor denied the allegations.