Summary:
- Do Kwon’s attempt to stop the SEC from accessing Terraform documents was squashed by a U.S. judge on Friday.
- The SEC contacted Singapore’s Monetary Authority regarding documents linked to Kwon, Terraform Labs, and the Luna Foundation Guard.
- Montenegrin police arrested the fugitive founder after he ghosted law enforcement for months and tried to exit the country using fake travel papers.
A U.S. judge ruled against Do Kwon’s attempt to stop the U.S. Securities and Exchange Commission from obtaining documents on Terraform Labs’ operations in Singapore.
SEC Probe Do Kwon’s Singapore Activities
The SEC filed fraud charges against the Terraform Labs founder around the same time as his arrest in Podgorica, Montenegro. In addition to U.S. authorities seeking extradition, the SEC also contacted the Monetary Authority of Singapore (MAS). The SEC asked for documents and information on Terraform operations in the country, Bloomberg reported.
According to the news, Luna Foundation Guard also falls within the scope of documents requested by the SEC. The Luna Foundation Guard (LFG) is a supposed non-profit organization launched to support the Terra ecosystem. LFG was also tasked with managing the reserves for Terra USD (UST), Kwon’s algorithmic stablecoin, and sister token to Terra LUNA (LUNA).
Do Kwon unsuccessfully moved to block the SEC from digging into Terra’s operations in Singapore. This means that the SEC can legally liaise with the MAS and possibly exchange documents as jurisdictions look to drop the hammer on fugitive Kwon.
Do Kwon Arrested
The Terraform Labs founder was arrested in March while trying to flee Montenegro. Local police detained Do Kwon along with falsified travel papers, Interpol and South Korean authorities confirmed.
International authorities have been after Do Kwon since he disappeared in May after Terraform Labs crashed and wiped out over $40 billion from the crypto market. South Korean and U.S. governments have requested Kwon’s extradition. It’s unclear which jurisdiction will capture the rights to prosecute Do Kwon first.
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