Do Kwon, CEO of Terraform Labs, the company behind the leading DeFi protocol Terra, is suing the US regulator, the SEC.
Terra, Messari’s Mainnet 2021 confirmed that he was served an SEC subpoena. The incident, which arose due to Terra’s Mirror Protocol, the decentralized finance (DeFi) platform where synthetic stocks of major US companies are printed and traded, dates back to May 2021, when the SEC emailed Kwon.
The subpoena requests Kwon to testify to US regulators. However, the CEO is objecting to it due to his South Korean residency. Over the incident, both Kwon and Terraform Labs filed suit with the SEC on Friday. The SEC also told Terraform’s attorneys that it could sue the company:
Five days after this speech, Kwon was subpoenaed:
Slava Rubin, founder of Indiegogo, also claimed to have witnessed the event:
https://twitter. com/gogoSlava/status/1439972015910408195
Terra recently set a new record with $10.22 billion on TVL. Thus, Terra became the fourth largest network in terms of TVL, after Ethereum, Binance Smart Chain, and Solana.
On the other hand, Terra gained momentum due to the LUNA burning expected to take place next week. LUNA, which gained about 10% yesterday, decreased by 4% in the last 24 hours with the decrease in the market and is trading at $ 42 as of the time of publication. Mirror Protocol has similarly declined by about 4% and is trading at $3.15 at the time of publication.