The U.S. Securities and Exchange Commission (SEC) rejects the jury’s findings of alleged violations by Terraform Labs and seeks summary judgment on all claims.
court Archive As of October 27, the SEC was unwilling to accept the jury’s leniency against Do Kwon, saying he participated in the fraud that ultimately led to the collapse of Terraform Labs. The document, filed in the U.S. District Court for the Southern District of New York, reads as follows:
“No reasonable jury could conclude that Kwon was not liable under Section 20(a) of the Exchange Act for Terraform’s violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. responsible.”
The SEC provided “evidence” of violations that showed Kwon participated in misleading cryptocurrency investors by creating and marketing Terra and its internal Terra (LUNA) token as securities.
On the same day, Do Kwon and Terraform Labs asked a judge to dismiss the SEC’s lawsuit – arguing that Terra Classic (LUNC), TerraClassicUSD (USTC), Mirror Protocol (MIR) and their mirror assets (mAssets) are not as the SEC claimed. securities.
However, the SEC maintains that Kwon and Terraform Labs offered and sold securities, sold LUNA and MIR in unregistered transactions, engaged in transactions involving mAssets, and committed fraud.
related: Terraform co-founder Shin blames deal for collapse during South Korea trial
While lawyers for Terra co-founder Daniel Shin blamed the collapse of the Terra ecosystem on “irrational operations by Anchor Protocol and external attacks by Do-hyung Kwon,” the company recently accused market maker Citadel Securities of what it called “concerted actions.” ” role played in. A “conscious effort” led to its TerraUSD (UST) stablecoin de-pegging in 2022.
“This frivolous motion is based on false social media posts and ignores information we have provided confirming that we had no role in the matter,” Citadel Securities told Cointelegraph in a statement.
Magazine: ‘Slumdog Billionaire 2’: ‘Top 10… doesn’t bring any satisfaction,’ says Polygon’s Sandeep Nailwal
Svlook
