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Do Kwon Seeks SEC Charges Dismissal As S.Korea Rules LUNA As Non-Security

Do Kwon, the co-founder and CEO of Terraform Labs, has asked for the dismissal of the charges against him by the SEC, arguing that the agency's claims are invalid and that Terra's tokens and projects do not specifically target US investors. Kwon's counsel also claimed that the agency lacked proper jurisdiction to bring charges against Kwon and Terraform Labs. A South Korean court recently dismissed security violation charges against Terraform Labs co-founder Hyun-seong Shin, deeming LUNA as non-security under Korea's Capital Markets Act, making Kwon's motion right only in connection to LUNA. However, Kwon faces allegations in Seoul related to the transfer of over 10,000 Bitcoin from the Terra platform and Luna Foundation Guard to a cold wallet, later converted to fiat. The amount transferred is approximately $100 million, verified to have been dispersed in various locations.

(By AMAKA NWAOKOCHA)

Terra Terra $0.61
-1.06%
Do Kwon SEC LUNA
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