The authorized staff of Terraform Labs’ former CEO Do Kwon declares that the USA Securities and Trade Fee (SEC) calls for for his deposition are unrealistic.
“The movement ought to be denied as a result of it could be unimaginable for Mr. Kwon to look for such a deposition,” the submitting declares.
Do Kwon’s Legal professionals Assert SEC Deposition Request Is Infeasible
In a latest court docket submitting, Kwon’s authorized staff vehemently opposed the SEC’s request to stop them from submitting requests on Kwon’s behalf:
“The SEC’s request for various aid—an order precluding Defendants from submitting an announcement by Mr. Kwon on abstract judgement—also needs to be rejected.”
Based on the submitting, Kwon has by no means opposed the SEC the chance to depose him. Kwon’s legal professionals declare that he has already testified to the SEC for “roughly 21 hours” over the two-year investigation:
In compliance with an SEC subpoena, Kwon allegedly spent two full five-hour days testifying below oath.
Moreover, he claims to have devoted 5 hours testifying earlier than Singapore authorities and willingly participated in six hours of interviews with the SEC.
On June 19, Kwon was sentenced to 4 months in jail in Montenegro. He was convicted of getting counterfeit passports from Belgium and Costa Rica in his possession.
Kwon’s actions in Montenegro earlier than his arrest stay unclear, however the SEC is pursuing him in reference to the Terra ecosystem’s collapse in Could 2022.
Kwon Underneath Scrutiny By Two Nationwide Regulatory Authorities
He performed a task within the creation of two digital tokens, Terra LUNA and TerraUSD, each of which skilled a collapse, leading to an approximate market wipeout of $40 billion.
Shortly after the collapse, LUNA was rebranded to LUNA Traditional. On the time of publication, the present worth is $0.000065.
In consequence, each the SEC and South Korean authorities have filed fraud prices towards Kwon in reference to the collapse.
This follows ongoing efforts by the SEC to extradite Kwon to the USA.
On August 18, reviews revealed {that a} US District Choose dominated that the SEC could enlist the South Korean’s authorities assist in its ongoing investigation into Kwon.
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