Do Kwon, the recently arrested CEO of Terraform Labs, denies that he defrauded investors, and says that SEC allegations are unfounded.
Do Kwon is denying SEC allegations that he defrauded his investors by selling Terra, his blockchain platform. Kwon was recently arrested by US authorities in Montenegro, as he and a colleague were attempting to board a plane to Dubai with false travel documents, and is currently being held without bail.
SEC improperly using its power
According to the Wall Street Journal, Do Kwon’s lawyers have asked for the judge to throw out the SEC’s lawsuit on the grounds that it had exceeded its authority by failing to prove that US investors had been defrauded.
Taken from what Do Kwon’s lawyers have so far said, it would appear that the defence will mainly be based on what the lawyers are saying is a failure by the SEC and the executive branch to agree on exactly what constitutes a security as regards cryptocurrency.
The filing by the lawyers asserts:
“The
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