Court filings indicate that Terraform Labs co-founder and CEO Do Kwon has asked to have charges brought against him by the US Securities and Exchange Commission (SEC) dismissed.
In a moto dismiss the sec's charges, Filed April 21, kwon argued that the second, rebutting the agency's Mir), Terra Classic (LUNC) and Terrausd Classic (USSC) Coins Are Securities .
Additionally, Kwon's lawyers said the agency does not have the proper jurisdiction to bring charges against Kwon and Terraform Labs because Terra's token and project are “world-wide” and not specifically targeting US investors. A South Korean district court recent ly dismissed a security breach charge Against Terraform Labs co-founder Hyun-seong Shin, arguing that LUNC did not comply with South Korea's Capital Markets Act. The ruling only upheld Kwon's motion regarding LUNC.
However, during a press conference after the Seoul Nam District Prosecutors Office instructed 10 people involved in the collapse of the Terra stablecoin ecosystem, prosecutors reportedly identified Sygnum as the Swiss bank where Kwon moved more than 10,000 bitcoins and Gurana platform, From Tera LFG) to cold wallet, then convert it to fiat currency.
Seoul's Southern District Prosecutor's Office's Joint Financial and Securities Crime Investigation Team, led by Dan Sung-han, said it was monitoring bitcoin owned by LFG and that the amount transferred was about $100 million, consistent with the SEC's complaint. wasn't just in the Sygnum account, but was scattered throughout. After verification, part of the funds were transferred to the account of Jinchang Law Firm to pay legal fees, and the rest was in the millions of dollars. The SEC's action against Kwon and the company he co-founded preempted his arrest in Montenegro, where he currently faces extradition. South Korean authorities issued an arrest warrant for Kwon in September, and US federal prosecutors released criminal charges against him shortly after his arrester a month.
