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In a notable legal development, US District Judge Jed Saul Rakoff has granted summary judgment in favor of the Securities and Exchange Commission (SEC) in the case involving Terraform Labs and its CEO, Do Hyeong Kwon. The decision asserts that Terraform Labs breached US securities law by neglecting to register its digital assets, including UST and LUNA, as securities. This ruling represents a crucial juncture in the ongoing legal scrutiny surrounding the cryptocurrency industry. Judge Rakoff’s Verdict Presiding over the matter in the US District Court for the Southern District of New York, Judge Jed Rakoff affirmed the SEC’s contention that Terraform Labs, under the leadership of CEO Do Kwon, distributed and traded unregistered securities. While the court granted summary judgment to the SEC on this specific claim, it also acknowledged Terraform’s stance regarding matters related to offering and executing transactions in security-based swaps. In an order filed on De...

Terra Founder Do Kwon Extradition to South Korea Dan Sung-han, director at the Seoul Southern District Prosecutor’s Office, says Terra co-founder Do Kwon should be extradited to South Korea rather than the US, reported Wall Street Journal on May 5. He believes m ost of the evidence and Terra affiliates are in South Korea and prosecutors are best prepared for court proceedings. advertisement South Korean prosecutor acknowledges that the Terra-LUNA crisis helped advance discussions on the need for tighter regulation of the crypto industry. South Korea and the United States are currently seeking the extradition of Do Kwon from Montenegro. He was detained in March by authorities and indicted for using fake passports and documents to board a flight to Dubai. On March 29, Montenegro’s Minister of Justice Marko Kovac stated the extradition decision will be taken in a separate court proceeding after the passport forgery case. Moreover, extra...