November 22, 2024

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Do Kwon says SEC’s extradition request is impossible

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Do Kwon says SEC's extradition request is impossible

Lawyers for Terraform Labs co-founder Do Kwon have requested a federal court to reject the United States Securities and Exchange Commission’s (SEC’s) request to question him in the U.S. over the collapse of the Terra Money ecosystem.

In a Sept. 27

The SEC sued Terraform Labs and Kwon on Feb. 16 for allegedly “orchestrating a multi-billion dollar crypto asset securities fraud.”

In the lawsuit, the SEC said that Terraform and Kwon “touted and marketed” its Anchor Protocol, which at one point was advertised to pay out 20% interest on USTC deposits. It also alleged Terraform and Kwon misled investors about the stability of Terra’s stablecoin.

Kwon and Terraform Labs’ chief financial officer Han Chang-Joon were arrested in Montenegro in March 2023 after allegedly using false travel documents when trying to leave the country. The two had their original passports confiscated in South Korea in October 2022.

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