Do Kwon, the co-founder of Terra, has suffered a setback in his legal battle against the US Securities and Exchange Commission (SEC).
United States District Judge Jed Rakoff has denied Kwon’s request to block the SEC from accessing records from the Monetary Authority of Singapore (MAS).
Kwon is facing pressure from regulators and legal battles across the world, including his recent arrest in Montenegro. Prosecutors are investigating the source of funding for a Seoul-based law firm, Kim & Chang, which may result in further legal repercussions for Kwon.
Additionally, South Korean prosecutors claim that Kwon converted illicit funds from LUNA to Bitcoin and have contacted Binance to stop any withdrawals associated with him. Kwon’s money does not appear to be in South Korea, as prosecutors stated that he had no discernible property in the country.
