{"id":80086,"date":"2023-11-03T01:43:49","date_gmt":"2023-11-03T05:43:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sec-seeks-summary-judgment-in-do-kwon-fraud-case\/"},"modified":"2023-11-03T01:43:52","modified_gmt":"2023-11-03T05:43:52","slug":"sec-seeks-summary-judgment-in-do-kwon-fraud-case","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=80086","title":{"rendered":"SEC Seeks Summary Judgment in Do Kwon Fraud Case"},"content":{"rendered":"<div>\n<figure id=\"attachment_126573\" aria-describedby=\"caption-attachment-126573\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-126573\" class=\"wp-caption-text\">Source: Terra \/ YouTube<\/figcaption><\/figure>\n<p>The U.S. Securities and Exchange Commission (SEC) has requested a federal judge for a summary judgment in its case against Do Kwon and Terraform Labs.<\/p>\n<p>The SEC has argued in its filing that there is \u201cno genuine dispute as to any material fact\u201d in their case against Do Kwon and Terraform Labs.\n<\/p>\n<h2>Do Kwon and Terraform Engaged in Sale of Securities<\/h2>\n<p>\nThe US SEC has claimed that there is no dispute that purchasers had invested funds, whether through fiat currency or cryptocurrencies, and that Do Kwon and Terraform Labs had engaged in the sale of securities. The filing also mentioned that Terra\u2019s collapse wiped out $45 bilion from the market.<\/p>\n<p>The securities regulator emphasized that pooling money in a common enterprise with the expectation of profits primarily stemming from the efforts of the promoters aligns with the Howey test.\u00a0 Howey test is crucial legal criterion used to determine if a transaction qualifies as an investment contract.<\/p>\n<p>SEC further stated that Terraform and Kwon had committed fraudulent acts and made deceptive statements.<\/p>\n<p>The regulator reiterated allegations of deceiving investors regarding the stability of the UST stablecoin. The company falsely attributed its algorithm for price stabilization while clandestinely arranging third-party intervention.<\/p>\n<p>These actions, the SEC contends, rendered their claims about the algorithm\u2019s effectiveness misleading and omitted crucial information.<\/p>\n<p>Terra\u2019s collapse in May of the previous year resulted in the substantial loss of investor wealth, further fueling the SEC\u2019s arguments.\n<\/p>\n<h2>Terraform Founder Remains in Jail in Montenegro<\/h2>\n<p>\nEarlier, Do Kwon\u2019s defense team urged the court to rule in their favor, asserting that the SEC had not sufficiently demonstrated that securities were being offered.<\/p>\n<p>Do Kwon is currently serving a sentence in Montenegro for document forgery after being apprehended with counterfeit passports.<\/p>\n<p>During his trial in South Korea, Daniel Shin, co-founder of Terraform, attributed Terraform Labs\u2019 failure to Do Kwon\u2019s mismanagement. He claimed to have distanced himself from the company and its operations two years prior to its collapse.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/sec-seeks-summary-judgment-in-do-kwon-fraud-case.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Terra \/ YouTube The U.S. Securities and Exchange Commission (SEC) has requested a federal judge for a summary judgment in its case against Do Kwon and Terraform Labs. The SEC has argued in its filing that there is \u201cno genuine dispute as to any material fact\u201d in their case against Do Kwon and Terraform [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":80087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-80086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Seeks Summary Judgment in Do Kwon Fraud Case | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Terra \/ YouTube The U.S. Securities and Exchange Commission (SEC) has requested a federal judge for a summary judgment in its case against Do Kwon\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=80086\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Seeks Summary Judgment in Do Kwon Fraud Case | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Source: Terra \/ YouTube The U.S. Securities and Exchange Commission (SEC) has requested a federal judge for a summary judgment in its case against Do Kwon\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=80086\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-03T05:43:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-03T05:43:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1698989018-do-kwon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=80086#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=80086\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"SEC Seeks Summary Judgment in Do Kwon Fraud Case\",\"datePublished\":\"2023-11-03T05:43:49+00:00\",\"dateModified\":\"2023-11-03T05:43:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=80086\"},\"wordCount\":365,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=80086#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=80086\",\"url\":\"https:\/\/ifintechworld.com\/?p=80086\",\"name\":\"SEC Seeks Summary Judgment in Do Kwon Fraud Case | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-11-03T05:43:49+00:00\",\"dateModified\":\"2023-11-03T05:43:52+00:00\",\"description\":\"Source: Terra \/ YouTube The U.S. Securities and Exchange Commission (SEC) has requested a federal judge for a summary judgment in its case against Do Kwon\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=80086#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=80086\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=80086#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SEC Seeks Summary Judgment in Do Kwon Fraud Case\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Seeks Summary Judgment in Do Kwon Fraud Case | iFintechWorld","description":"Source: Terra \/ YouTube The U.S. Securities and Exchange Commission (SEC) has requested a federal judge for a summary judgment in its case against Do Kwon","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=80086","og_locale":"en_US","og_type":"article","og_title":"SEC Seeks Summary Judgment in Do Kwon Fraud Case | iFintechWorld","og_description":"Source: Terra \/ YouTube The U.S. Securities and Exchange Commission (SEC) has requested a federal judge for a summary judgment in its case against Do Kwon","og_url":"https:\/\/ifintechworld.com\/?p=80086","og_site_name":"iFintechWorld","article_published_time":"2023-11-03T05:43:49+00:00","article_modified_time":"2023-11-03T05:43:52+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1698989018-do-kwon.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=80086#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=80086"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"SEC Seeks Summary Judgment in Do Kwon Fraud Case","datePublished":"2023-11-03T05:43:49+00:00","dateModified":"2023-11-03T05:43:52+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=80086"},"wordCount":365,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=80086#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=80086","url":"https:\/\/ifintechworld.com\/?p=80086","name":"SEC Seeks Summary Judgment in Do Kwon Fraud Case | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-11-03T05:43:49+00:00","dateModified":"2023-11-03T05:43:52+00:00","description":"Source: Terra \/ YouTube The U.S. Securities and Exchange Commission (SEC) has requested a federal judge for a summary judgment in its case against Do Kwon","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=80086#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=80086"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=80086#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"SEC Seeks Summary Judgment in Do Kwon Fraud Case"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/80086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=80086"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/80086\/revisions"}],"predecessor-version":[{"id":80088,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/80086\/revisions\/80088"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/80087"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=80086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=80086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=80086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}