The SEC filed a lawsuit in February 2023 against Terraform Labs, saying that the company had misled investors about the soundness of its TerraUSD stablecoin. Since the case’s upcoming discovery deadline, October 13, is knocking on the door, the SEC is now more determined than ever to interrogate Kwon personally.
Kwon’s Attorney Testifies
In the September 27, 2023 filing, Kwon Do-Hyung’s lawyer requested the United States District Court, Southern District of New York, to reject the SEC’s extradition request.
Defendant’s Arguments –
The learned lawyer presents many valid arguments for why the SEC’s request to depose DoKwon in the United States shouldn’t be granted. Some of these points are –
It violates the Court’s Individual Rules 2(a) and 2(b) because the SEC never informed the defendant’s counsel about its intention to seek a preclusion order from the Court. The plaintiff’s counsel also filed the motion as an alternative relief without even being intimidated during the parties’ pre-motion call to the Chamber.
The SEC misrepresents a conversation with Mr. Kwon, claiming he intended to use Chai to create fake transactions on the Terra blockchain. The chat shows Kwon and Daniel Shin discussing linking LUNA tokens to validators and generating transactions between LUNA wallets, not fake Chai transactions. The defendant’s counsel alleges that the SEC’s motion relies on misrepresentations about irrelevant evidence to support its claim of not obtaining discovery from Kwon.
Hence, concerning the above arguments, the attorney claims that the SEC’s request shall be canceled entirely.
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