SEC Seeks Deposition of Do Kwon
The Securities and Exchange Commission (SEC) is requesting permission to interrogate Do Kwon, the former CEO of Terraform Labs, according to a court document filed on September 22, 2023. The SEC argues that it has not yet been granted the opportunity to depose the defendant, which is a standard discovery tool in civil cases.
Kwon’s Legal Team Objects
Kwon’s legal counsel filed a response on September 27, stating that the SEC’s request is “impossible” due to Kwon’s detention in Montenegro with no scheduled release or extradition date. They argue that the motion should be denied as it would be impossible for Kwon to appear for a deposition.
Past Interrogations and Legal Troubles
Kwon’s lawyers emphasize that he has already faced extensive questioning by the SEC during their two-year investigation. They mention a 21-hour discourse with the SEC, as well as additional sessions with the Monetary Authority of Singapore. Kwon’s arrest in Montenegro stems from the collapse of the Terra blockchain ecosystem and allegations of using falsified passports.
Lawyers Accuse SEC of Misrepresentations
Kwon’s legal team disputes the SEC’s claim that it has been unable to obtain necessary discovery from Kwon. They argue that the SEC’s motion relies on misrepresentations about irrelevant evidence and assert that authorities from South Korea and the United States have sought Kwon’s extradition for his alleged involvement in the downfall of Terra and the UST de-pegging issue.
Hot Take: SEC Faces Hurdles in Deposing Do Kwon
The ongoing legal battle between Do Kwon and the SEC takes another turn as the commission seeks authorization to interrogate the former CEO. However, Kwon’s lawyers argue that this request is “impossible” due to his detention in Montenegro. The SEC claims it has not had the opportunity to depose Kwon, a critical discovery tool in civil cases. Kwon’s legal team emphasizes that he has already undergone extensive questioning by the SEC and other authorities. They accuse the SEC of misrepresentations and assert that Kwon’s extradition is being sought by South Korea and the United States. This latest development adds another layer of complexity to the case.
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