US judge has asked prosecutors to clarify the nature and scope of foreign charges against crypto founder Do Kwon, seeking detail on alleged offenses and extradition implications as proceedings continue.
The US Securities and Exchange Commission (SEC) has criticized the “staggering” $166 million retainer fee requested by Latham & Watkins, the law firm representing Terraform Labs and its founder Do Kwon in the agency’s enforcement action against the firm. The SEC argued that the retainer is “excessive and unreasonable” given the alleged fraud involved and the precedent it could set for future cases. The SEC also expressed concern that the fee could “unfairly deplete” the assets available to compensate investors harmed by Terraform’s alleged misconduct.
Terraform Labs has requested a court order requiring Citadel to provide it with data relating to its recent depegging from the UST.The move comes in an effort to shed light on the details of the transaction.
Legal proceedings have reportedly begun in South Korea against the co-founder of Terraform Labs in an undisclosed case. This follows months of investigation into the matter, the result of which remains to be seen.