A United States judge has denied a request by Terra co-founder Do Kwon to block SEC access to Singaporean documents. The decision will come as a blow to Kwon, who is under pressure from regulators.
United States District Judge Jed Rakoff has denied a request from Do Kwon to block United States Securities and Exchange Commission (SEC) access to certain documents. The latter is requesting records from the Monetary Authority of Singapore (MAS).
Terraform Labs’ Request Denied
It’s a big blow for Kwon and Terraform Labs, as they are facing tough battles across the world, especially since Kwon was arrested. The co-founder of the notorious project and company was arrested in Montenegro earlier this year after months of being on the run from authorities.
The SEC has filed a lawsuit against Do Kwon and Terraform Labs over the Luna incident, which was one of the most notorious developments in the crypto market in years. The defendants are fighting against the case, which alleges that Kwon and Terraform Labs conducted an unregistered securities offering.
The Terra co-founder is also facing charges of fraud from prosecutors in New York. He is facing investigations from authorities in his home country of South Korea as well. The rest of 2023 looks like it will offer some justice to victims of the project, though the cases themselves may take time to resolve.
Terra Co-Founder Transferred $7M to Law Firm Before Collapse
Other notable pieces of information have also emerged in the past few weeks. Among them is the fact that Kwon reportedly transferred $7 million to a law firm before the Terra meltdown occurred. This would suggest that he had an idea of what would transpire.
The news was put out by local media outlets, which also stated that prosecutors were looking for the source of the funding. The company in question was a Seoul-based law firm, Kim & Chang. If the whole incident is proven, it may result in further legal repercussions for Kwon.
Do Kwon’s Dealings Becoming Public Info
There has been a lot going on relating to Kwon and Terraform Labs. The former reportedly converted some illicit funds from LUNA to Bitcoin, according to South Korean prosecutors. The prosecutors have also contacted Binance to halt any withdrawals associated with Kwon.
As for Kwon’s money itself, it does not appear to be in South Korea. Prosecutors said as much, stating that he had no discernible property in the country.
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.