In a significant legal development, US District Judge Jed Rakoff granted the SEC the authority to collaborate with the South Korean government in its probe against Daniel Shin and collect evidence from Chai Corp.
Key Points:
– The SEC alleges that Do Kwon and Terraform Labs played pivotal roles in a scheme that wiped out over $40 billion in cryptocurrency value.
– The lawsuit focuses on the misuse of the blockchain and the TerraKRW stablecoin.
– The SEC is seeking testimonies and documents related to Chai’s payment procedures and its collaboration with Terraform Labs.
– Do Kwon is facing legal action in the US and South Korea and has submitted evidence to defend himself.
– Terraform Labs and Chai Corp were both initiated by Do Kwon and Daniel Shin but underwent a division in 2020.
Hot Take:
The SEC’s collaboration with the South Korean government in investigating Do Kwon and Terraform Labs demonstrates the international reach of regulatory bodies in the cryptocurrency space. This case highlights the importance of transparency and proper use of blockchain technology to maintain trust and protect investors. The outcome of this investigation could have significant implications for the future of cryptocurrency regulations.
By
By
By
By
By