Appeals court rules Do Kwon, Terraform Labs must heed SEC subpoena served in September

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Appeals court rules Do Kwon, Terraform Labs must heed SEC subpoena served in September
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Uh oh, looks like the head of Terraform Labs is about to get into some hot water.

that the subpoena was properly served and that the SEC could serve Terraform as a corporate entity through Kwon. Furthermore, the appeals court found that the district court did have jurisdiction over Terraform Labs and Kwon.

The SEC began its interaction with Terraform and Kwon in this case in May 2021, according to the petition filed in October. The SEC emailed Kwon seeking his voluntary cooperation in its investigation and, acting on that request, Kwon and his legal representatives spoke to SEC attorneys in July. Terraform’s lawyers were actively negotiating with the SEC at the time the subpoena was served.

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