Dentons, which represents Terraform Labs and its founder, Do Kwon, intends to appeal a
A lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against the company and its defendant for possible customer fraud and market manipulation.
The original motion to dismiss was first filed in April. Due to the new circumstances, the lawyers made additions, the basis for which was Ripple’s victory in court. Dentons’ attorneys also used arguments from court filings in the SEC’s lawsuit against Binance.US, as well as Hinman’s emails related to the same Ripple v. SEC case.
Even if Dentons’ lawyers are able to get the SEC to drop the charges, Do Kwon will face extradition to South Korea in the near future. And as thousands of South Korean investors seek redress, the case for market manipulation and defrauding customers may be referred to local law enforcement authorities. Terra co-founder Do Kwon may spend the next 40 years of his life behind bars, according to the South Korean prosecutor’s office. First in his native Korea and then in the U.S.