Former Terraform Labs CEO Do Kwon’s Legal Team Rejects SEC’s Deposition Request
The legal team representing Do Kwon, the former CEO of Terraform Labs, has stated that the United States Securities and Exchange Commission (SEC) is making unreasonable demands for his deposition. In a court filing, Kwon’s lawyers strongly opposed the SEC’s request to prevent them from submitting statements on Kwon’s behalf.
“The SEC’s request for alternative relief, which seeks to prohibit Defendants from submitting a statement by Mr. Kwon during summary judgment, should also be dismissed.”
Kwon’s legal team claims that he has never refused the opportunity to be deposed by the SEC. They state that he has already provided approximately 21 hours of testimony over the course of the two-year investigation. Kwon allegedly spent two full five-hour days testifying under oath in compliance with an SEC subpoena. He also testified for five hours before Singapore authorities and participated in six hours of interviews with the SEC.
Kwon Faces Scrutiny from Two National Regulatory Authorities
Kwon was involved in the creation of Terra LUNA and TerraUSD, two digital tokens that experienced a collapse resulting in a market wipeout of around $40 billion. Following the collapse, LUNA was rebranded as LUNA Classic, with its current price standing at $0.000065.
Both the SEC and South Korean authorities have filed fraud charges against Kwon related to the collapse. The SEC has been attempting to extradite Kwon to the United States, and a US District Judge ruled on August 18 that the SEC can seek assistance from the South Korean government in its ongoing investigation into Kwon.
Hot Take: Do Kwon’s Legal Battle Continues Amidst SEC’s Deposition Request
The legal battle between Do Kwon and the SEC continues as his lawyers assert that the deposition request is unrealistic. Kwon’s legal team argues that he has already provided extensive testimony to the SEC and other authorities, making the requested deposition unnecessary. The case revolves around Kwon’s involvement in the collapse of Terra LUNA and TerraUSD, which resulted in significant losses for investors. As both the SEC and South Korean authorities pursue fraud charges against Kwon, the outcome of this legal battle will have implications for the cryptocurrency industry and regulatory enforcement.
By
By
By
By
By