Terraform Labs and CEO Do Kwon Fight Against SEC Extradition Request
The lawyers representing Terraform Labs and its CEO Do Kwon are opposing the US Securities and Exchange Commission’s (SEC) extradition request. The defendants have submitted a petition urging the court to reject the SEC’s request to transport Do Kwon to the US for questioning regarding his alleged involvement in the crash of the Terra ecosystem.
SEC’s Request Deemed Impossible by Do Kwon Lawyers
Do Kwon’s attorneys argue that the SEC’s request to extradite him before October 13 is impossible. They point out that Do Kwon is currently detained in Montenegro with no scheduled release or extradition date. The lawyers also object to the SEC’s alternative request for a preclusion order, stating that it goes against the Court’s Rules of Practice.
Possibility of Deposition in Montenegro
While opposing extradition, Do Kwon’s lawyers express their willingness to participate in a deposition. They suggest that the deposition could take place in Montenegro and mention the possibility of a court hearing on either October 13 or October 26, during which Do Kwon would answer the SEC’s questions.
The Ongoing Legal Battle
This recent petition by Do Kwon is another development in a court case filled with noteworthy events. In July, the defendants’ motion to dismiss was rejected by Presiding Judge Jed Rakeoff, who expressed disagreement with the ruling in the Ripple v. SEC court case. Furthermore, there is an extradition order for Do Kwon from South Korea, where authorities are investigating him over the collapse of the Terra crypto project.
Hot Take: A High-Stakes Legal Battle Continues for Terraform Labs and Do Kwon
The legal fight between Terraform Labs, its CEO Do Kwon, and the SEC intensifies as the defendants push against the extradition request. With Do Kwon currently detained in Montenegro and facing charges in South Korea, the outcome of this case could have significant implications for the crypto industry. As the court proceedings unfold, it remains to be seen how this complex legal battle will impact the future of Terra and its ecosystem.
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