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Do Kwon faces SEC scrutiny as Singapore’s MAS for record sharing

A US judge has denied a motion by Do Kwon, the co-founder of Terra, to block SEC access to Singapore documents. The decision will be a blow to Kwon who is under pressure from the organizers.

US District Judge Jed Rakoff denied a request by Do Kwon to block the US Securities and Exchange Commission (SEC) from accessing certain documents. The latter requests records from the Monetary Authority of Singapore (MAS).

Terraform Labs’ request was denied

that it Big hit For Kwon and Terraform Labs, as they face tough battles all over the world, especially since Kwon’s arrest. The notorious co-founder and company was arrested in Montenegro earlier this year after months on the run from authorities.

The Securities and Exchange Commission (SEC) has sued Do Kwon and Terraform Labs over the Luna incident, which was one of the most notorious developments in the crypto market in years. The defendants are fighting the case, which alleges that Kwon and Terraform Labs conducted an unregistered securities offering.

Terra co-founder is also He faces charges of fraud from New York prosecutors. He also faces investigations from authorities in his native South Korea. It looks like the remainder of 2023 will provide some justice for the project’s victims, though the cases themselves may take time to resolve.

Terra’s co-founder funneled $7 million to a law firm before crashing

Other notable information has also emerged in the past few weeks. Among them is the fact that Kwon transferred $7 million to a law firm before Terra’s collapse occurred. This would suggest that he had an idea of ​​what was going to happen.

The news was reported by local media, which also reported that the plaintiffs are looking for the source of the funding. The firm in question was the Seoul-based law firm, Kim & Chang. If the entire incident is proven, it could lead to further legal repercussions for Kwon.

Do Kwon transfers to general information

There was a lot going on with regards to Kwon Labs and Terraform. As previously stated converted Some illicit money from LUNA to Bitcoin, according to South Korean prosecutors. The plaintiffs also contacted Binance to stop any Kwon-related withdrawals.

As for Kwon’s money itself, it doesn’t appear to be in South Korea. Prosecutors said the same thing, pointing out that he had no identifiable property in the country.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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