Terraform Labs Co-Founder Do Kwon Refused to Testify to SEC

Do Kwon’s lawyers rejected the inquiry request from the United States Securities and Exchange Commission, stating that it was impossible.

Terraform Labs co-founder Do Kwon, who was arrested in Montenegro in March 2023, has reportedly declined an inquiry request from the United States Securities and Exchange Commission (SEC), according to Cointelegraph. However, Kwon’s lawyers, in a petition to the federal court, stated that the SEC’s request to question Kwon in the United States was “impossible.”

Inappropriate Request for Inquiry in the U.S.

Do Kwon is still detained indefinitely in Montenegro, with no scheduled release or extradition date. Therefore, his lawyers argue that the physical execution of the SEC’s request for questioning in the United States before October 13th is not feasible.

Kwon’s lawyers also claim that providing a written statement under U.S. laws would violate his legal rights. Hence, they stated that questioning Kwon in the United States is not possible under the current circumstances.

Will an Informal Hearing Take Place?

Additionally, the Montenegro court mentioned that they could hold an “informal” hearing on October 13th or 26th where Kwon could be asked questions by the SEC. However, the SEC might find this process insufficient and could also have the right to obtain another statement from Kwon after the discovery deadline.

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