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Do Kwon, the founder of Terra Labs, finds himself in the midst of a battle against the Securities and Exchange Commission (SEC). The SEC is making intensive efforts for Kwon’s extradition to the United States. These moves aim to resolve the discussions surrounding the significant losses in Terra and Luna, the coins of his company. However, Kwon’s legal representatives continue to steadfastly defend their position, arguing that fulfilling such requests is impossible.
Do Kwon’s Legal Team Fights Against SEC’s Extradition
Legal documents filed in the United States District Court for the Southern District of New York reveal that Kwon’s lawyers strongly oppose giving Kwon the opportunity to testify before American authorities. Kwon’s detention, which began in March, continues in Montenegro. Therefore, his lawyers state that Kwon’s extradition to the U.S. is not possible.
Kwon’s belief in the right to a fair trial is at the center of the arguments put forward by his lawyers. They claim that an order that is considered impossible weakens judicial authority and serves no rational purpose.
The ongoing insistence of the SEC on Kwon’s extradition has turned into an relentless battle due to the legal team’s exploration of every possible way to block such requests. In February 2023, the SEC announced that it had initiated legal action against Terraform Labs, alleging that the TerraUSD stablecoin had disseminated false information about its stability.
Both TerraUSD and Terra’s native LUNA coin experienced devastating collapses in 2022, resulting in the loss of significant investor capital. The final date set for this case, which is October 13, intensifies the SEC’s efforts to meet with Kwon.
SEC Highlights Terraform’s Crypto Transactions
Recent reports shed light on the alleged secret crypto transactions carried out by Terraform Labs. These reports also reveal that approximately 239 BTC were transferred out of a total of 5292 BTC associated with Luna Foundation Guard.
In addition, the SEC did not hesitate to comment on these alleged secret activities, stating that Do Kwon and TFL transferred 10,000 BTC to a cold wallet after the Terra-LUNA crisis.
