In the latest development of the US Securities and Exchange Commission (SEC) lawsuit against Terraform Labs (Terra) and co-founder Do Kwon, the court has approved the submission of discovery documents in sealed form by Jump Crypto. However, the court made it clear to the defendants and its parties, including Jump Crypto, that it may publish confidential materials.
Court Accepts Confidential Documents from Jump Crypto
According to a court filing on November 28, Judge Jed Rakoff agreed to keep certain materials confidential, as outlined in a letter from Jump Crypto’s attorney. The court requests documents from Jump Crypto to find out whether the company was involved in the Terra-LUNA crisis in 2022.
However, the Court reminded Terra, Do Kwon and related parties of the discretion to disclose confidential information that is later presented in motion or proceedings. The court will notify the defendant’s attorney in advance if the court deems disclosure of confidential documents necessary.
Judge Rakoff also agreed to hear any objections from Jump Crypto’s attorney. Investors accused Jump Trading and its CEO Kanav Kariya of manipulating the price of UST (now USTC) to make a profit of almost $1.3 billion.
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SEC prevails in Terra lawsuit
Last week, the judge ruled in favor of the SEC in the Daubert hearing and approved two SEC experts and a Terra expert as witnesses in the lawsuit.
Meanwhile, Montenegro’s top court has approved the extradition of Terra co-founder Do Kwon. Justice Minister Andrej Milović will decide which country has priority in the event of a possible extradition. The US Securities and Exchange Commission (SEC) is initially considering extradition of Do Kwon to the USA.
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Varinder has 10 years of experience in the Fintech sector, including over 5 years in blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of breakthrough technologies in over 5,000 news stories, articles and articles. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently reporting on the latest updates and developments in the crypto industry.
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