Terraform Labs Urge Judge To End SEC’s Securities Fraud Lawsuit ⋆ ZyCrypto
The post Terraform Labs Urge Judge To End SEC’s Securities Fraud Lawsuit ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Attorneys representing Terraform Labs and Do Kwon have filed a motion for summary judgment, arguing that the defendants didn’t do anything wrong and the judge overseeing the case should make a ruling without moving the case forward to a trial. The lawyers claim that the SEC has failed to prove that the company offered securities after two years of investigation and extensive discovery. Terraform, Do Kwon Move For Summary Judgment Collapsed stablecoin issuer Terraform Labs and its co-founder Do Kwon have requested a U.S. federal judge to nix a securities and fraud lawsuit from the U.S. Securities and Exchange Commission (SEC). The legal team for Kwon and Terraform Labs argued in a filing last week that Terra ecosystem cryptocurrencies Terra Classic (LUNC), TerraClassicUSD (USTC), Mirror Protocol (MIR), and its mirrored assets (mAssets) do not qualify as securities as the SEC alleged in a complaint in February. “But after two years of investigation, the completion of a discovery period that resulted in the taking of more than 20 depositions, and the exchange of over two million pages of documents and data, the SEC is evidentiarily no closer to proving that the Defendants did anything wrong,” the filing says. Kwon and Terraform Labs then raised concerns about the securities watchdog claiming that they secretly transferred millions of dollars into Swiss bank accounts for their gain. As you can recall, the SEC previously said that the defendants moved 10,000 BTC to a Switzerland-based financial company, Sygnum. Kwon and Terraform Labs maintain that this allegation is false, adding that the SEC is attempting to draw parallels between the now-defunct FTX and Terraform. Advertisement    “In a more outrageous example, in a transparent attempt to make this case seem like FTX, Celsius, and other cases involving thefts of customer funds, the SEC…
Filed under: News - @ November 17, 2023 12:22 am