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Do Kwon, the creator of Terraform Labs, is represented by attorneys who claim that the US Securities and Exchange Commission (SEC) is acting illegally.
There are rumors that the United States Securities and Exchange Commission (SEC) is operating outside of its authority, according to attorneys defending Do Kwon.
According to court documents submitted to the US Supreme Court, Kwon is a Singaporean citizen and Terraform Labs is a Singaporean corporation.
The lawyers contend that Terraform Labs’ activities are primarily international and not just focused on the US. Additionally, it makes the case that the SEC’s acts are inconsistent with those of other judges.
The judicial document states,
“Kwon is the CEO of Terraform, an open-source software development company with limited contact with the U.S. Most of the company’s business is essentially global, and it’s not specifically aimed at the United States.”
The attorneys have also asked for a postponement of the appeal filing. Uncertainty surrounds the Supreme Court’s decision on this appeal, though.
The investigation is intensifying, and Kwon’s detention has rekindled interest in the Terra episode. Kwon was apprehended in Montenegro after keeping a low profile for an unexpectedly extended period of time, which advanced the judicial proceedings.
Kwon had also spent some time in Serbia, where he allegedly paid $1 to establish a business. Interpol had issued a red notice at the moment requesting his capture.
Kwon allegedly went through the usual security tests while registering the business. Interpol would have been one of those investigations.
Several changes have also been made regarding other Terraform Labs execs. Daniel Shin, a co-founder, recently made an appearance in court for questioning. Questions like whether he had ever called colleagues overseas were posed to him.
Authorities are looking into the entire business. A new investigation into the business as a whole has been opened by the Singapore Police. As a result, officials in several nations are looking into Do Kwon and other individuals.
