Do Kwon Failed To Stop SEC Searching Terraform-Related Documents

Key Points:

  • The SEC may seek filings from the Monetary Authority of Singapore as part of a lawsuit filed by regulator Do Kwon.
  • The SEC sued Kwon and Terraform in February, accusing them of offering unregistered securities.
  • Kwon has also been charged with fraud by US prosecutors in New York.
According to court records, a US judge dismissed Do Kwon and Terraform’s request for an injunction compelling the Securities and Exchange Commission (SEC) to abandon its request for papers from the Monetary Authority of Singapore, Bloomberg first reported the news.
Do Kwon Failed To Stop SEC Searching Terraform-Related Documents

At a hearing on Friday, U.S. District Judge Jed Rakoff denied Do Kwon and Terraform’s motion, according to court papers. The accused and the Luna Foundation Guard demanded records from the Singapore regulator.

Terraform was headquartered in Singapore, although it is unclear what documents the SEC is requesting from the city-state’s regulator.

Both the United States of America and South Korea are presently seeking Kwon’s extradition from Montenegro. South Korean authorities said on Monday that they were looking into a massive $7 million financial transfer by Kwon to a major Seoul-based law company prior to Terra’s bankruptcy.

The SEC sued Kwon and Terraform in February for allegedly issuing and selling unregistered securities and carrying out a scam that resulted in a $40 billion market value loss. Kwon’s whereabouts remained unclear for many months until he was caught in March at Montenegro airport on suspicion of carrying fake travel credentials after fleeing police authorities in South Korea for many months.

Do Kwon Failed To Stop SEC Searching Terraform-Related Documents

The authorities there declared in March that they had launched an inquiry into the stablecoin’s depreciation. In reaction to the country’s initial excitement about the prospects of blockchain technology, Singapore has taken a stricter regulatory stance in response to the recent decrease in cryptocurrency values.

As Coincu reported, prosecutors in Korea have established that Do Kwon paid $9 billion won ($7 million) to Kim & Chang, Korea’s biggest legal firm, right before the Terra crash.

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