The U.S. Securities and Exchange Commission (SEC) has filed a motion for summary judgment in its case against Terraform Labs and its co-founder, Do Kwon. The SEC alleges that Terraform and Kwon orchestrated a fraudulent scheme that resulted in a $45 billion market loss. The regulator claims that Kwon was a key participant in Terraform’s deceptive conduct and repeatedly used the company to advance his schemes. The SEC argues that the violations are clear and undisputed, making a full trial unnecessary. In response, Terraform Labs and Kwon have also requested a summary judgment, stating that the SEC has failed to prove its case and demonstrate how the company violated securities or committed fraud. The ongoing trial of Terraform Labs co-founder Daniel Shin in South Korea, where he blames Kwon’s management practices for Terra’s failure, adds to the complexity of the situation.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Do Kwon
Companies	Exchange Act Section 10(b), Terraform Labs, Rule 10b-5, UST, U.S. Securities and Exchange Commission (SEC), Exchange Act Section 20(a), Terra Luna
Currencies	None
Securities	None