Do Kwon’s attorneys deny SEC securities fraud charges

The judge denied the prosecutor's request to take Shin, citing unproven accusations and unlikelihood of Shin escaping or destroying evidence.

Do Kwon's attorneys deny SEC securities fraud charges
Do Kwon's attorneys deny SEC securities fraud charges

The attorneys for Terraform Labs co-founder Do Kwon purportedly argued in court against the US Securities and Exchange Commission’s (SEC) allegations. The federal agency had filed suit against Kwon for allegedly defrauding American investors by offering unregistered securities illegally.

Do Kwon’s attorneys request dismissal of the SEC litigation on April 21, arguing that the regulator’s acquisitions were unsubstantiated.

Bloomberg reported that Kwon’s attorneys requested the dismissal of the litigation because federal securities law cannot be used to assert jurisdiction over the digital assets at issue.

In addition, the attorneys argued that the SEC had failed to prove that Kwon had defrauded US investors in connection with the $40 billion collapse of Terra’s TerraUSD (UST) and Luna cryptocurrencies.

According to the attorneys, the contested stablecoin is a currency and not a security.

Do Kwon was detained at the airport in Podgorica, Montenegro, on March 23 for attempting to fly to Dubai with forged travel documents.

Following the entrepreneur’s detention, both South Korean and American authorities demanded his extradition.

At the time of writing, it is unknown to which country, if any, Kwon’s extradition would be most likely to be granted.

Shin Hyun-Seong, the co-founder of Terraform Labs, was recently denied an arrest warrant by the Seoul Southern District Court.

Prosecutors viewed Kwon’s arrest as an opportunity to apprehend Shin; however, the court denied the request, citing unconfirmed allegations and the improbability of Shin being a flight risk or destroying evidence.

“If we receive multiple extradition requests, I would like to state that the state to which they will be extradited is determined by several factors, including the gravity of the crime, the location and time of the crime, the order in which we received the extradition request, and several others,” said Montenegrin Justice Minister Marko Kova through an interpreter.


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