Share this article
Terraform Labs Founder Do Kwon Opposes SEC's Extradition Request
The TerraUSD creator opposes the SEC's attempts to bring him back to the U.S. for questioning about his failed stablecoin projects.
Updated Sep 27, 2023, 6:05 p.m. Published Sep 27, 2023, 5:50 p.m.
Make us preferred on Google
Terraform Labs founder Do Kwon has asked a federal court to reject the U.S. Securities Exchange Commission's request to question him in the U.S. about the catastrophic crash of his company's stablecoins Terra and Luna, a Wednesday court filing shows.
The document, filed on Wednesday in the U.S. District Court for the Southern District of New York, shows Kwon's lawyers are opposing any opportunity for the stablecoin creator to offer testimony to U.S. regulators. The lawyers argue that it would be "impossible" to bring Kwon to the U.S. because he remains detained indefinitely in Montenegro. The former executive, they say, also cannot provide written testimony to the SEC because it would violate his due process rights under U.S. law.
STORY CONTINUES BELOW
"An order mandating something that is impossible serves no practical purpose and risks undermining judicial authority," Kwon's lawyers said in the filing.
The SEC asked the court last week for permission to interview Kwon about the Terra/Luna collapse before the case's discovery cut off date of October 13.
The SEC sued Terraform Labs in February, alleging the company misled investors about the safety of investing in its TerraUSD stablecoin, which offered yields of up to 20%. TerraUSD's creators told investors the token would maintain its peg to the U.S. dollar through a complicated mint-burn system involving its sister coin Luna. However, both coins crashed in May 2022, wiping out $50 billion in market value.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Crypto exchange WhiteBIT flagged by Russia as 'undesirable' over support for Ukraine military
WhiteBIT has actively supported Ukraine's war effort, donating $11 million to military initiatives and processing over $160 million in donations.
What to know:
- Russia banned Ukrainian crypto exchange WhiteBIT, making any interaction with the company a criminal offense within Russian borders.
- WhiteBIT has actively supported Ukraine's war effort, donating $11 million to military initiatives and processing over $160 million in donations.
- The exchange has continued to grow, expanding to 8 million users and entering the U.S. market despite Russian pressure.
Top Stories
