The post SEC Lawsuit Against Terraform Labs: Do Kwon’s Attorney Fights Extradition Request appeared first on Coinpedia Fintech News

The SEC filed a lawsuit in February 2023 against Terraform Labs, saying that the company had misled investors about the soundness of its TerraUSD stablecoin. Since the case’s upcoming discovery deadline, October 13, is knocking on the door, the SEC is now more determined than ever to interrogate Kwon personally. 

Kwon’s Attorney Testifies

In the September 27, 2023 filing, Kwon Do-Hyung’s lawyer requested the United States District Court, Southern District of New York, to reject the SEC’s extradition request. 

Defendant’s Arguments – 

The learned lawyer presents many valid arguments for why the SEC’s request to depose DoKwon in the United States shouldn’t be granted. Some of these points are – 

In Argument I, the defendant’s lawyer requests that the Ld. The court must deny SEC leave to depose Mr. Kwon in the United States simply because it is currently impossible for him to appear for a disposition in the States, provided he is in jail for four months in Montenegro. He quotes, “The law does not compel the doing of impossibilites.”
In Argument II, the lawyer requests that the Ld. The court should also deny the SEC’s request for a preclusion order as an alternative relief. 

It violates the Court’s Individual Rules 2(a) and 2(b) because the SEC never informed the defendant’s counsel about its intention to seek a preclusion order from the Court. The plaintiff’s counsel also filed the motion as an alternative relief without even being intimidated during the parties’ pre-motion call to the Chamber. 

In Argument III, the defendant’s counsel strongly argued that the Respected Court should also disregard the SEC’s irrelevant mischaracterization of evidence. 

The SEC misrepresents a conversation with Mr. Kwon, claiming he intended to use Chai to create fake transactions on the Terra blockchain. The chat shows Kwon and Daniel Shin discussing linking LUNA tokens to validators and generating transactions between LUNA wallets, not fake Chai transactions. The defendant’s counsel alleges that the SEC’s motion relies on misrepresentations about irrelevant evidence to support its claim of not obtaining discovery from Kwon.

Hence, concerning the above arguments, the attorney claims that the SEC’s request shall be canceled entirely.

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Filed under: Bitcoin - @ September 28, 2023 4:02 am