Breaking: Do Kwon Opposes SEC’s Extradition Request
Do Kwon, the founder of Terra Labs, is embroiled in a battle against the Security and Exchange Commission (SEC). The SEC is making concerted efforts to extradite him to the United States. These moves aim to facilitate discussions concerning the massive losses of his firm’s stablecoins, Terra and Luna. However, legal representatives for Kwon have staunchly resisted, arguing the impossibility of fulfilling such requests.
Legal documents filed in the United States District Court for the Southern District of New York reveal Kwon’s attorneys strongly oppose giving him the chance to testify before American authorities. Since March, Kwon has been held indefinitely in Montenegro. Consequently, his lawyers assert that extraditing him to the United States would be unfeasible.
Do Kwon Legal Team Fights SEC Extradition
Kwon’s right to due process is central to the arguments made by his attorneys. They contend that an order demanding an impossibility undermines judicial authority and serves no practical purpose. The SEC’s insistence on Kwon’s extradition is met with relentless opposition, as his legal team explores every avenue to thwart such requests.
In February 2023, the SEC initiated legal action against Terraform Labs, alleging dissemination of false information to investors regarding the stability of its TerraUSD stablecoin. Both TerraUSD and Terra’s native LUNA coin experienced devastating crashes in 2022, leading to significant investor capital wipe-offs. The looming deadline for discovery in this case, set for October 13, intensifies the regulator’s push to converse with Kwon.
SEC Highlights Suspicious Terraform Crypto Moves
Recent reports from Coingape shed light on covert crypto transactions allegedly conducted by Terraform Labs. These reports suggest the transfer of about 239 BTC from a total of 5292 BTC associated with the Luna Foundation Guard. Furthermore, the SEC has commented on these alleged clandestine activities, stating that Do Kwon and TFL transferred 10,000 BTC to a cold wallet after the Terra-LUNA crisis.
Also Read: Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Franklin Templeton CEO Dismisses 50bps Rate Cut, Citing ‘Robust Economy’ Ahead of FOMC
- Bitget Unveils ‘Universal Exchange’ Era to Mark 7-Year Anniversary
- Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
