Crypto Twitter was abuzz last month after a speaker at the Messari Mainnet cryptocurrency conference in New York was served with a subpoena by someone representing the U.S. Securities and Exchange Commission—witnessed by Indiegogo founder and Mainnet attendee Slava Rubin.
Everyone wanted to know: Who was it?
Decrypt has confirmed the recipient was Do Kwon, co-founder and CEO of Terraform Labs. According to a court filing, Do is now suing the SEC over the subpoena.
The subpoena, filed by Terraform Labs and Do against the SEC, claims two subpoenas were “improperly issued and served.” It adds that the agency failed to keep its investigation into Terraform’s mirror protocol confidential.
Do previously denied receiving the subpoena to The Defiant. A spokesperson for Terra today declined to comment to Decrypt.
Terraform Labs is behind the algorithmic stablecoin Terra; Terra keeps its peg to the dollar via a mechanism that destroys a secondary currency, LUNA, now the 12th-largest cr
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