{"id":47991,"date":"2023-04-18T08:17:14","date_gmt":"2023-04-18T12:17:14","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=47991"},"modified":"2023-04-18T08:17:17","modified_gmt":"2023-04-18T12:17:17","slug":"sec-gets-green-light-to-seek-singapore-records-in-do-kwon-case","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sec-gets-green-light-to-seek-singapore-records-in-do-kwon-case\/","title":{"rendered":"SEC Gets Green Light to Seek Singapore Records in Do Kwon Case"},"content":{"rendered":"\n

The SEC has obtained a court order to seek records from Singapore\u2019s regulator as part of its lawsuit against Terraform Labs and its founder Do Kwon<\/a> for allegedly defrauding investors through a stablecoin scheme.\u00a0<\/p>\n\n\n\n

\"SEC<\/figure>\n\n\n\n

In February, the SEC filed a lawsuit against Terraform and Kwon, accusing them of offering unregistered securities and engaging in a stablecoin scheme that defrauded investors.<\/p>\n\n\n\n

Bloomberg reports\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> that U.S. Judge Rakoff has rejected Terraform Labs\u2019 attempt to block the SEC from obtaining records from MAS in a lawsuit. The SEC wants MAS papers from Terraform, Kwon, and Luna Foundation Guard, a fund that promotes TerraUSD stablecoin.<\/p>\n\n\n\n

Terraform Labs launched UST<\/a>, a stablecoin backed by LUNA. But the SEC claims they sold billions in crypto securities linked to UST and LUNA, such as mAssets that mimicked US stocks.<\/p>\n\n\n\n

The SEC claims that Terraform and Kwon misled investors about the stability of UST, the use of LUNA and the regulatory status of their products.<\/p>\n\n\n\n

UST crashed in May 2022<\/use><\/svg><\/span><\/a>, losing its peg and wiping out billions in market value, causing massive losses for investors. The SEC accuses Terraform<\/a> and Kwon of securities fraud and seeks disgorgement, penalties and injunctions.<\/p>\n\n\n\n

Do Kwon, who fled South Korea to face embezzlement and breach of trust allegations, was detained by Montenegro in March. Consequently, both the US and South Korea are seeking his extradition.<\/p>\n\n\n\n

Do Kwon, who fled South Korea to face embezzlement and breach of trust allegations, was detained by Montenegro in March. Consequently, both the US and South Korea are seeking his extradition.<\/p>\n\n\n\n

Kwon has denied any wrongdoing and blamed the collapse of UST on market manipulation and regulatory uncertainty.<\/p>\n\n\n\n

SEC takes action against crypto companies and individuals for violating securities laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

The SEC has obtained a court order to seek records from Singapore\u2019s regulator as part of its lawsuit against Terraform Labs and its founder Do Kwon for allegedly defrauding investors through a stablecoin scheme.\u00a0 In February, the SEC filed a lawsuit against Terraform and Kwon, accusing them of offering unregistered securities and engaging in a […]<\/p>\n","protected":false},"author":44,"featured_media":47997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[132,9684,1135,143,8081],"class_list":["post-47991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","tag-crypto","tag-do-kwon-2","tag-fraud","tag-sec","tag-terraform-labs-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/04\/do-kwon.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=47991"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/47997"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=47991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=47991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=47991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}