United

The legal team of Terraform Labs and Do Kwon have agreed with the SEC on maintaining the confidentiality of certain documents in their trial.&nbsp; 
The <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.594150/gov.uscourts.nysd.594150.145.0.pdf" target="_blank" rel="noopener">agreement</a> comes in the context of charges leveled by the SEC against the LUNA founder in February, accusing them of conducting a fraudulent scheme involving cryptocurrency assets worth billions of dollars. Terra’s stablecoin UST and LUNA collapse in 2022 was one of the main drivers of the latest crypto winter, which also played a part in the <a href="https://crypto.news/sam-bankman-fried-denied-delayed-sentencing-over-ftx-fraud/">FTX</a> collapse.&nbsp; 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="788" height="788" src="https://crypto.news/app/uploads/2023/12/8GhZtCQ7KhAb2a3VVXosnN.png" alt="Terraform Labs and SEC agree on confidentiality terms as trial approaches - 20" class="wp-image-14230381" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">
 Source: <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.594150/gov.uscourts.nysd.594150.145.0.pdf" target="_blank" rel="noopener">Courtlistener</a>
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/coinbase-circle-awarded-crypto-licenses-in-france-ahead-of-mica/"> Coinbase, Circle awarded crypto licenses in France ahead of MiCA </a> 
The presiding judge in the Southern District of New York, Jed Rakoff, ratified a protective order today. This order stipulates that both parties are restricted from publicly disclosing confidential materials. Additionally, the court will seal discovery documents tagged as confidential until the commencement of the trial.&nbsp; 
Judge Rakoff indicated a low probability of sanctioning requests to unseal these documents, though he didn’t elaborate on the specific reasons for the confidentiality other than citing “good cause” for the decision. 
This protective order was mutually agreed upon by the legal representatives of both the SEC and Terraform Labs, including <a href="https://crypto.news/montenegro-court-cancels-do-kwons-extradition-approval/">Kwon</a>, on December 18. Kwon is detained in Montenegro as he awaits potential extradition to the United States or South Korea. 
 Read more: <a href="https://crypto.news/malicious-script-in-google-and-x-stole-58m-in-crypto-from-over-63000-users/"> Malicious script in Google and X stole $58m in crypto from over 63k users </a>

Terraform Labs and SEC agree on confidentiality terms as trial approaches

crypto.news

Other articles published on Dec 21, 2023

5 Ways AI Has Turbocharged Healthcare in 2023

Solana (SOL) Reaches Another Yearly High—Can It Reclaim $100 in 2023?

MEME TOON and global webtoon company tomics have signed a business agreement.

Top Ripple Lawyer Spotlights More SEC Failures

XRP’s Chart Indicates Multi-Year Bull Run Ahead

Coinbase Obtains VASP Approval in France, Expands Global Services!

Join our free newsletter for daily crypto updates!