Terraform Labs
Terraform Labs Seeks Citadel Securities' Trading Data amid SEC Lawsuit
Terraform Labs has filed a motion against Citadel Securities seeking critical trading data for its defense in a lawsuit by the SEC. The case revolves around market destabilization allegations during the May 2022 Depeg event of TerraUSD stablecoin. The motion urges disclosure of trading strategies between March and May 2022, amidst indications of Citadel Securities' alleged intentions to short UST. Terraform Labs stresses the documents' importance in countering the SEC's fraud allegations, proposing a transfer to another court for a decision if necessary.
SEC Files Motion Against Terraform Labs and Luna Founder Do Hyeong Kwon
The SEC has filed a motion in the United States District Court for the Southern District of New York against Terraform Labs and Do Hyeong Kwon. The commission is seeking the court's permission to notice a deposition from Kwon or to preclude the defendants from using a declaration from him. The defendants have until September 26, 2023, at 12:00 pm to respond.
SEC Collaborates with South Korea in Probing Terraform Labs and Do Kwon
The US SEC has approved collaboration with South Korea to investigate Terraform Labs and co-founders Daniel Shin and Do Kwon. The investigation focuses on Chai Corporation's use of the Terra blockchain and its relationship statements with Terraform. Shin is charged with fraud, while Kwon faces investigations in both the US and South Korea.
Terraform Labs Co-Founder Indicted for Terra Stablecoin Collapse
Shin Hyun-seong, co-founder of Terraform Labs, has been indicted along with nine other individuals for the collapse of the Terra stablecoin ecosystem. They are accused of fraud, breach of trust, and embezzlement, with illicit profits of nearly $350 million suspected. Prosecutors have seized assets worth a total of $180 million.
Terraform Labs CEO Asks for Dismissal of SEC Charges
Do Kwon, CEO of Terraform Labs, has requested the dismissal of charges filed by the SEC, arguing that the claims are invalid and that the agency lacked proper jurisdiction. Kwon's counsel stated that Terra's tokens and projects were not specifically targeted at U.S. investors. The South Korean district court previously dismissed security violation charges against the co-founder of Terraform Labs, Hyun-seong Shin, deeming LUNA as non-security under Korea’s Capital Markets Act.
South Korean Court Clears Former Terraform Labs CEO of Security Violations
A South Korean court dismissed charges of security violations against former Terraform Labs CEO Hyun-seong Shin, ruling that LUNA is not a security under the country's Capital Markets Act. The court rejected the prosecution's appeal for confiscation of Shin's properties and arrest, and stated that Luna is not a financial investment product regulated by the act. However, the prosecution has appealed to the Supreme Court against the verdict of the lower district court.
Terraform Labs co-founder defends against SEC allegations
Do Kwon, co-founder of Terraform Labs, has defended himself against allegations of fraud from the US Securities and Exchange Commission (SEC). Kwon’s lawyers have requested the dismissal of the lawsuit, claiming that the SEC's allegations are unfounded and that US law prohibits regulators from asserting jurisdiction over the digital assets in question. The lawyers also argued that the SEC failed to prove Kwon’s involvement in the collapse of Terra’s stablecoin, UST.
Terraform Labs Co-Founder Argues Against SEC Lawsuit
Terraform Labs co-founder, Do Kwon's lawyers have argued in court against the SEC's lawsuit for illegally offering unregistered securities. The lawyers claim the SEC's acquisitions are unfounded and that the stablecoin in question is a currency, not a security. Additionally, Kwon's arrest and subsequent extradition remain uncertain.
Terraform Labs CEO Sent $7 Billion to Law Firm Before Ecosystem Collapse
South Korean prosecutors confirmed that Terraform Labs CEO Do Kwon sent $7 billion to a top South Korean law firm, Kim & Chang, right before the collapse of the Terra ecosystem. The prosecutors believe that Kwon's decision to send the funds was a deliberate move that allegedly reaffirmed his awareness of the impending collapse and anticipated legal problems. The information is expected to help in the ongoing fraud case against Kwon and his associates.
Terraform Labs CEO Sends Millions to Law Firm Before Collapse
Terraform Labs CEO, Do Kwon, sent millions to a South Korean law firm right before the company's collapse. Prosecutors believe Kwon's actions were deliberate and prove his awareness of the impending collapse and anticipated legal problems. Kwon is currently facing extradition to both the United States and South Korea, and prosecutors suspect he converted illegal funds from Terra to Bitcoin. Prosecutors have identified over $314 million in illicit assets associated with Kwon and his associates.