Accéder au contenu principal

Do Kwon Kicks Against SEC’s Extradition Request

The lawyers representing Terraform Labs and its CEO Do Kwon in the ongoing court case with the US Securities and Exchange Commission (SEC) have pushed against an extradition request of the securities regulator.

In a petition submitted on September 27, the defendants are nudging the court to reject the SEC’s request to transport Do Kwon to the US for questioning over his alleged involvement in the crash of the Terra ecosystem. 

Back in February, the SEC filed a lawsuit against Terraform Labs and its co-founder and CEO Do Hyeong Kwon, accusing both parties of orchestrating a multi-billion dollar fraud by promoting investment in an inter-connected suite of crypto asset securities, which included the algorithmic stablecoin TerraUSD (UST) and digital asset LUNA.

SEC’s Request Is Impossible, Do Kwon Lawyers Say

According to their latest petition, the attorneys representing Do Kwon believe the SEC’s request to extradite the Terraform CEO to the US before October 13, the court’s deadline for discovery, is impossible. 

Related Reading: Terraform Labs Plays Hardball In SEC Case, Requests Subpoena For FTX Documents

The lawyers supported this statement with the fact that the defendant is currently detained in Montenegro with “no scheduled release or extradition date,” a piece of information that is well-known to the SEC.

The lawyers also countered the SEC’s alternative request for a preclusion order, which prevents Do Kwon from filing a motion on summary judgment, stating that such a request impedes the Court’s individual Rules of Practice. 

However, Do Kwon’s lawyers stated in the filing that the defendant is very open to a deposition, albeit it would need to occur on Montenegrin grounds. 

They also claim that there is a possibility of a court hearing in Montenegro on October 13 or October 26, during which Do Kwon will be presented with the SEC’s question as stated in the commission’s initial Letter of Request for a deposition. 

Back in March, Do Kwon, alongside Terraform Labs’ chief financial officer, Han Chang-Joon, was arrested by Montenegrin officials on charges of document forgery while trying to flee the Balkan nation. In June, a Montenegro Basic Court found the Terraform boss guilty of the accusations, issuing a sentence of four months imprisonment. 

The Saga Continues

This recent petition by Do Kwon represents the latest development in a court case marked by some headlining events. In July, the defendants had filed a motion to dismiss following the historic partial victory of Ripple Labs against the SEC. However, this appeal was rejected by Presiding Judge Jed Rakeoff, who also expressed his disagreement with the ruling in the Ripple v. SEC court case. 

Related Reading: Daniel Shin, Cofounder Of Terraform Labs Has Been Indicted By South Korea

It is worth stating that there is also an extradition order for Do Kwon from his home country, South Korea, who is also probing the Terraform Labs co-founder over the collapse of the Terra crypto project, an incident that wiped out over $40 billion from the crypto market.

In August, the SEC and the South Korean government formed a partnership to obtain more evidence as both parties look to strengthen their investigation efforts.

Total crypto market valued at $1.034 trillion on the hourly chart | Source: TOTAL chart on Tradingview.com

Featured image from BBC, chart from Tradingview


Source link

The post Do Kwon Kicks Against SEC’s Extradition Request appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Hong Kong SFC Raises Alert Over MEXC Imposter

The Hong Kong Securities and Futures Commission (SFC) has issued an alert on a suspected fraudulent platform impersonating the presence and operations of a popular cryptocurrency exchange MEXC. This development comes from a joint operation between the Hong Kong regulator and the local police force aimed at uncovering illicit activities of virtual asset trading platforms (VATPs). SFC Warns Hong Kong Citizens Of Fraudulent Trading Platform According to an announcement on February 9, the SFC is warning crypto enthusiasts and investors of an ambiguous trading platform that operates under the name “MEXC.” In a joint investigation with the Hong Kong police, the securities market regulator discovered that “MEXC” has lured several investors into becoming members of group chats in which it claimed to offer “free investment advice.” Through this medium, “MEXC” was able to direct unsuspecting investors into depositing funds through fraudulent websites in order to purchase cryptocurrencies. Th...
Enregistrer un commentaire
Lire la suite

What’s In Store For Bitcoin With 85% Of Holders In Profit

Amidst a renewed wave of optimism sweeping through the broader cryptocurrency landscape, the resurgence of Bitcoin (BTC) to the pivotal $37,500 price threshold has become a catalyst for positive shifts. At present, a staggering 85% of Bitcoin holders find themselves in a profitable position, a testament to the resilience and potential of the leading cryptocurrency. Encouragingly, key indicators hint at the likelihood of this percentage expanding in tandem with Bitcoin’s upward trajectory. Making Money With Bitcoin As the market plummeted from its all-time high in November 2021, the amount of Bitcoin supply in profit has reportedly hit levels last observed two years ago, according to Glassnode. The analytics service also stated that the amount of unrealized profit contained in these currencies is still very small. Based on the latest figures from blockchain analytics website IntoTheBlock, some 85% of Bitcoin holders are profitable at the current price of the first cryptocurrency,...
Enregistrer un commentaire
Lire la suite

Instagram Is Experimenting With an Option To Add Files to DMs

What if you could send files in your IG DMs? That may soon be an option, with app researcher Alessandro Paluzzi uncovering this process in the back-end data of the app. As you can see in this example, Instagram’s experimenting with a new option that would let you add files to your messages as attachments. Which is not overly surprising. You can already send documents within WhatsApp , and on Messenger (in limited capacity), and with Meta still working to integrate all of its messaging platforms into a single system , it makes sense that it would also need to replicate the functionality of each, to ensure full parity. So, basically, every function within Messenger, IG Direct and/or WhatsApp will eventually be available in each other app, as that will then enable Meta to link them all together into a singular messaging system. As such, I do think this is coming, and is more than just an experiment, which will provide expanded functionality within your IG DMs, and could be handy...
Enregistrer un commentaire
Lire la suite