U.S. Court Supports SEC in Unregistered Securities Case Against Terraform Labs
Summary:
A U.S. court has backed the SEC in relation to accusations that Terraform Labs and ex-CEO Do Kwon traded in unregistered securities involving LUNA and MIR tokens. The court also ruled in favor of defendants regarding unauthorized offers and dealings in security-based swaps. A jury trial is scheduled for January 29, 2024, with updates to follow as the story unfolds.
A U.S. court has delivered a decision in support of the Securities and Exchange Commission (SEC), relating to claims that Terraform Labs and its past CEO, Do Kwon, dealt in unlicensed securities. As per court records, the court has granted with the SEC the summary judgment on the fourth count of the revised complaint, encompassing the defendants' unauthorized offers and sales of LUNA and MIR tokens, in contravention of Sections 5(a) and (5c) of the Securities Act. It further admits the defendants' summary judgment on "Counts V and VI of the revised accusation, involving the supposed unlicensed offers of and exchanges in security-based swaps." This statement is an excerpt from the ruling of the U.S. District Court in the Southern District of New York against Do Kwon and Terraform Labs. The source is Courtlistener. The jury trial is scheduled to begin on January 29, 2024. As more details emerge, the story will continue to be updated.
Published At
12/29/2023 12:57:59 AM
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