Terraform and Kwon’s lawyers also filed a similar motion last week, asking a federal judge to nix SEC allegations.
The Securities and Exchange Commission has asked a New York judge to make a decision in its lawsuit against Terraform Labs and its co-founder Do Kwon without a full trial.
The securities regulator said that Terraform and Kwon orchestrated a fraudulent scheme that ultimately led to $45 billion in market losses, including devastating losses for U.S. investors. The SEC’s motion comes after the lawyers for Terraform and Kwon submitted a motion for summary judgment last week, saying that the SEC could not prove that they offered or sold securities.
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