La SEC demande un jugement sommaire contre Do Kwon
The U.S. Securities and Exchange Commission (SEC) has filed a motion for summary judgment in its case against Terraform Labs, the company behind LUNA and UST, and its founder, Do Kwon. In a motion filed in the Southern District of New York, the securities regulator sees no need for a lengthy trial as “the evidence that establishes Defendants violations is clear, undisputed, and overwhelming.” Summary judgments in the U.S. are authorized when the record shows no genuine dispute to any material fact. “No rational jury could conclude that Kwon was not liable for Terraforms violations of the Exchange Act,” says the SEC in its motion. Kwon was the co-founder of Terraform Labs, the company behind the Terra blockchain ecosystem, once one of the largest in the industry. It all came crashing down when the network‘s algorithmic stablecoin UST de-pegged in May 2022 and brought down its sister token, LUNA. In days, over $40 billion was wiped out, sparking the most extensive series of bankruptcies and turmoil in the sector’s young history. The SEC accuses Kwon and his firm of offering and selling unregistered securities in LUNA, UST, and the Mirror token (MIR). It also alleges that the defendants made materially false and misleading statements on