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.

Crypto-focused investment firm Paradigm has filed an amicus brief in the US Securities and Exchange Commission (SEC) lawsuit against Terraform Labs and its co-founder Do Kwon. Paradigm claims that the SEC has misused its power to provide regulatory guidance and forced enforcement action against crypto firms for violating securities laws. The legal head of Paradigm, Rodrigo Seira, argues that the SEC's theory for treating stablecoins as securities would radically expand the definition of a security. Lawyers for Do Kwon have filed a motion to dismiss the charges against Terraform Labs and Do Kwon, claiming a lack of SEC jurisdiction over UST and that it is not a security.

Lawyers for Do Kwon, founder of collapsed crypto issuer Terraform Labs, have requested a U.S. court to dismiss charges brought against him by the Securities and Exchange Commission (SEC) partly for lack of jurisdiction. The SEC charged Kwon with securities fraud after his arrest in Montenegro for attempting to travel with falsified documents. In the civil action brought against Kwon, the regulator failed to prove "personal jurisdiction" as products referenced by the SEC were "available to the world and not directed at U.S. persons," and a digital asset involved in the case, the stablecoin UST, does not fall under the purview of the SEC as it is a currency and not a security. Kwon still faces criminal fraud charges by the U.S. prosecutors as well as charges of capital markets law violations in South Korea.

Court in Montenegro’s capital Podgorica cites flight risk in approving continued detention for Terraform Labs co-founder Do Kwon and his chief financial officer, Han Chang-joon, the court says Friday on its website.

Crypto entrepreneur Do Kwon’s lawyers say a US regulator’s lawsuit accusing him and Terraform Labs Pte of securities fraud is unfounded, in part, because the stablecoin at issue is a currency, not a security.

Prosecutors in Montenegro have submitted an indictment proposal for Terraform Labs co-founder Do Kwon, according to a report by Bloomberg Law, citing reports by Montenegrin newspaper Vijesti.

Ethereum's gas fees have reached a new multi-month high due to a growing memecoin frenzy, resulting in a surge in daily revenue for the network.

Do Kwon, co-founder of Terraform Labs, has been indicted by prosecutors in Montenegro for forgery of legal documents. The charges came after Kwon was arrested in March while attempting to board a private plane from Podgorica Airport to Dubai using fake documents. Han Chang-jun, Terraform's former CFO, is also facing similar charges. Montenegro prosecutors have requested an extension of the detention period for both Kwon and Han. Another Terraform co-founder, Shin Hyun-seung, is still free in South Korea after local authorities attempted to arrest him but were denied by the Seoul Southern District Court. 

U.S. District Court Judge Jed Rakoff denied Do Kwon’s request to block the SEC from accessing documents related to Terraform Labs (TFL) and Luna Foundation Guard (LFG) on April 14, according to court filings.

Serbian police have seized a Belgrade apartment where Do Kwon, founder of the Terra blockchain network, holed up for six months during a manhunt by US and South Korean authorities. Kwon and his associate Han Chang-Joon, former CFO of Terraform Labs, were charged with fraud in connection with Terra's $60bn collapse in May 2022.