A US judge has denied a legal request made by Terraform Labs co-founder and CEO Do Kwon, which sought to block the US Securities and Exchange Commission’s (SEC) demand for certain operational documents held by the Monetary Authority of Singapore (MAS). The subpoena relates to the Luna Foundation Guard fund, established to safeguard the value of Terraform’s algorithmic stablecoin Terra USD. The collapse of Terra’s ecosystem last May helped contribute to the crypto winter, with the crypto hedge fund Three Arrows Capital among those to go bankrupt. The SEC alleges that Terraform Labs and Do Kwon marketed “crypto asset securities” to investors seeking to profit from investing in Terra UST and related Terra products, and claims the tokens would increase in value. The SEC opened its investigation into the alleged collapse of Terra in June 2022. Kwon was arrested in Montenegro last month; both South Korea and the US have requested his extradition.
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