Legal Maneuvers and Confidentiality
Do Kwon, co-founder of Terraform Labs, is facing legal action by the SEC, but a recent move by Judge Jed Rakoff in the Southern District of New York has introduced a protective order to keep sensitive information under wraps during the pre-trial phase, with violation being contempt of court.
The protective order covers undisclosed financial details, company ownership specifics, business plans, product information, whistleblower identities, and software details.
Mandatory destruction of confidential materials within 30 days post the final deposition, with certain documents retained by the SEC, is required.
Defense Strategy and Extradition Proceedings
Terraform Labs is seeking the dismissal of the lawsuit, arguing that the SEC has failed to prove the company offered unregistered securities, forming a crucial part of their defense strategy.
Extradition proceedings for Do Kwon have hit a snag as a Montenegro appeals court overturned a previous decision to extradite him, causing a ripple effect with a surge in the value of Terra ecosystem tokens.
Hot Take
Legal drama ensues for Terraform Labs and Do Kwon as the SEC pursues legal action, leading to a protective order in New York and a delay in extradition proceedings, causing a ripple effect in the Terra ecosystem tokens value.
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