Do Kwon seeks SEC charges dismissal as S.Korea rules LUNA as non-security

Court documents were filed indicating that Do Kwon, co-founder and CEO of Terraform Labs, has asked for the dismissal of charges leveled against him by the Securities and Exchange Commission (SEC). 

In the motion filed connected Friday, April 21 to person the SEC charges dismissed, Kwon argued the SEC’s claims are invalid, pushing backmost against the agency’s presumption that tokens including MIR, LUNA (LUNA) and UST are securities.

Additionally, Kwon’s counsel said the bureau lacked the due jurisdiction to bring charges against Kwon and Terraform Labs due to the fact that Terra's tokens and projects were “aimed astatine the world” and did not specifically people U.S. investors.

 The South Korean territory tribunal recently dismissed security usurpation charges against the co-founder of Terraform Labs, Hyun-seong Shin, deeming LUNA arsenic non-security nether Korea’s Capital Markets Act. This ruling makes Kwon's question close lone successful transportation to LUNA.

However, successful a property league aft the Seoul Southern District Prosecutor’s bureau indicted 10 radical progressive successful the illness of the Terra stablecoin ecosystem, the prosecutor reportedly identified Signum arsenic the Swiss slope relationship wherever Kwon transferred more than 10,000 Bitcoin (BTC) from the Terra level and the Luna Foundation Guard to a acold wallet, past converted to fiat.

The Financial and Securities Crime Joint Investigation Unit of the Seoul Southern District Prosecutor’s office, headed by Dan Seong-han, stated that they are monitoring Bitcoin owned by Luna Foundation Guard and that the transferred amount, which aligns with the SEC complaint, is astir $100 cardinal (equivalent to 130 cardinal won).

The prosecutors clarified that the $100 cardinal was not kept solely successful the Signum relationship and was dispersed successful assorted locations. It was verified that a information of the funds was transferred to the Kim & Chang instrumentality steadfast relationship to screen ineligible fees, portion the remainder amounted to billions of won.

Related: Terraform Labs co-founder and 9 others indicted successful South Korea

The SEC’s actions against Kwon and the institution helium co-founded preempted his apprehension successful Montenegro, wherever helium presently faces extradition. South Korean authorities issued an apprehension warrant for Kwon successful September and U.S. national prosecutors unveiled transgression charges against him soon aft helium was arrested a period ago.

Magazine: Chinese billionaire’s $1B fraud charges, Kwon’s $11M bet, Zhu Su and Islam: Asia Express