Breaking: Do Kwon Faces Major Loss To U.S. SEC As Court Grants Key Approval
During a recent court hearing, US District Judge Jed Rakoff denied Do Kwon and Terraform’s request for an order forcing the Securities and Exchange Commission to withhold its request for documents that are currently in the possession of the Singaporean regulator. The Singapore Monetary Authority, which is equivalent to the U.S. SEC, obtained the files from the defendants of Luna Foundation Guard – a crypto organization built solely to raise money for maintaining the UST stablecoin’s $1 peg.
Do Kwon Loses Bid To Block
Kwon is currently being sought for extradition from Montenegro by both the United States of America and South Korea. On Monday, South Korean prosecutors verified a report that they were investigating a mammoth $7 million fund transfer by Kwon to a prominent Seoul-based legal firm before to Terra’s bankruptcy.
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Currently, it’s unclear which specific records have been requested by the SEC, however, the Terraform Labs — the company behind the LUNA & UST cryptocurrencies — was reportedly based out of the south-east Asian country. In March, the authorities there announced that they had begun an investigation into the devaluation of the stablecoin. The recent decline in cryptocurrency prices has prompted Singapore to take a more stringent regulatory approach in response to the country’s earlier enthusiasm about the possibilities of blockchain technology.
Kwon’s Tussle With Authorities
In February, the SEC filed a lawsuit against Kwon and Terraform, stating that the two had issued and marketed unregistered securities while carrying out a scheme that resulted in the loss of at least $40 billion owing to the collapse of the stablecoin.
Kwon, was apprehended in Montenegro airport on charges of carrying falsified travel documents in March after spending several months on the run from law enforcements in his home in South Korea.
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