Terraform Labs co-founder Do Kwon asked a New York District Court to dismiss an SEC lawsuit arguing they never sold securities or misled investors.
Terraform Labs co-founder Do Kwon has requested a United States district judge to reject the securities and fraud suit from the federal securities regulator, claiming it has failed to prove they did anything wrong.
They added the “evidence does not exist to support many of the SEC’s claims” and asserted the regulator “knew some of its allegations were false” — in particular, an allegation that Kwon and Terraform secretly moved millions into Swiss bank accounts for their own gain.filed in February, the SEC claimed the pair sent 10,000 Bitcoin to a Swiss financial institution and withdrew $100 million. It also claimed they committed fraud by “repeating false and misleading statements.
“The SEC knew this allegation was false when it filed this case,” Kwon’s lawyers wrote. ”This is made even worse by the undisputed fact that TFL had no customers, and thus no customer funds.”Kwon and Terraform also moved to exclude the opinion of the SEC’s experts including a report from Rutgers University economics professor Bruce Mizrach which they called “junk science.”
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