In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Terra and Do Kwon, the SEC has requested the court to deny a motion by defendants Terra and Do Kwon to dismiss the lawsuit. The SEC continues to argue violations of security laws and fraud by Terra and Do Kwon.
US SEC Seeks Summary Judgment Against Terra and Do Kwon
The U.S. Securities and Exchange Commission (SEC) has submitted 7 latest filings in the District Court for the Southern District of New York late November 7. All memorandum of law filed are in opposition to motions and non-motions requested by defendants Terraform Labs (TFL) and Do Kwon.
The SEC has asked the court for summary judgment. It claims that there is undisputed record evidence that Do Kwon and TFL violated securities and exchange laws, defrauding investors of $45 billion.
The SEC has requested the court to deny all requests in motions and non-motions by Terra and Do Kwon. This includes the dismissal of the lawsuit and summary judgment in favor of the defendants.
The SEC argued earlier that Terraform and Do Kwon created the Terra blockchain and related crypto asset securities, marketed crypto assets such LUNA (now LUNC), wLUNA, and UST as securities, and engaged in the public offering of LUNA. Also, LUNA and MIR were sold directly by defendants into public trading markets, while misleading and deceiving investors about Chai and depegging events in 2021 and 2022.
Terra Ecosystem Tokens Remains Under Pressure
Despite the crypto market recovery in the last few weeks, Terra ecosystem tokens remained under pressure. However, new proposals and big announcements have resulted in an upside move.
Terra (LUNA) price jumped 1% in the past 24 hours and 6% in a week. The price currently trades at $0.474, with a 24-hour high of $0.48.
Meanwhile, Terra Classic (LUNC) and USTC price trades near resistance levels at $0.000070 and $0.012, respectively. The community looks for recovery to January levels.
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