SEC seeks summary judgment in Do Kwon and Terraform Labs case

The United States Securities and Exchange Commission (SEC) has refuted the jury’s conclusion regarding Terraform Labs’ alleged violations and has demanded a summary judgment on all the claims.

A court

While Terra co-founder Daniel Shin’s lawyer blamed the “unreasonable operation of the Anchor Protocol and external attacks carried out by Do-hyung Kwon” for the Terra ecosystem collapse, the company recently blamed market maker Citadel Securities for its role in an alleged “concerted, intentional effort” to cause the depeg of its TerraUSD (UST) stablecoin in 2022.

*Screenshot from the filing by Terraform compelling Citadel to provide additional documents. Source: CourtListener*

Citadel Securities told Cointelegraph in a statement: “This frivolous motion is based on false social media posts and ignores information we already provided confirming we had no role whatsoever in this matter.”

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