U.S SEC gain access to confidential records of Terra and Do Kwon

A U.S. judge has denied Terraform Labs co-founder and CEO Do Kwon’s request to prevent the U.S. Securities and Exchange Commission (SEC) from obtaining certain documents related to Terra’s operations.

The documents are held by the Monetary Authority of Singapore (MAS).

Do Kwon and Terraform tried to compel the Securities and Exchange Commission (SEC) to withdraw its demand for documents held by the Singaporean regulator and the defendants.

The Terra ecosystem collapsed last May, contributing to the crypto industry’s slide into its crypto winter, with prices of Bitcoin and other major altcoins plunging.

The crash also led to several established players, including the crypto hedge fund Three Arrows Capital (3AC), going bankrupt.

The SEC sued Singapore-based Terraform Labs and CEO Do Kwon in February this year, accusing them of securities fraud related to the company’s algorithmic stablecoin Terra USD and its sister token LUNA.

After months on the run, Do Kwon was arrested last month in Montenegro, with the Balkan nation’s police later confirming that both the U.S. and South Korea have requested the extradition of Terra co-founder.


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