Coin

<ul class="news-points"> 
 <li>SEC contests Terraform Labs’ $166M payment to Dentons, labeling it suspicious.</li> 
 <li>The regulator noted that $122 million of the fund was moved within 90 days before the bankruptcy filing.&nbsp;</li> 
 <li>Over half of the sum has already been expended to cover litigation costs.</li> 
</ul> 
The U.S. Securities and Exchange Commission (SEC) has <a href="https://www.reuters.com/legal/transactional/sec-goes-after-bankrupt-terraform-labs-166-mln-slush-fund-dentons-2024-02-28/" target="_blank" rel="nofollow">urged</a> the Delaware bankruptcy court to reject Terraform Labs’ retention of Dentons LLC as its special counsel. This move comes as the SEC raised concerns over a substantial payment of $166 million to Dentons, labeling the transaction “suspicious.” 
In a recent filing, the SEC contended that Terraform Labs funneled $166 million into the Dentons Advance Payment Retainer. The regulator noted that a significant portion, $122 million, was transferred within 90 days prior to the bankruptcy filing.&nbsp; 
According to the SEC, this maneuver appears to strip assets from the company. It believes the move potentially hinders Terraform Labs’ ability to satisfy judgments resulting from the SEC’s enforcement actions. 
Furthermore, the SEC alleges that the funds were transferred to an “opaque slush fund” for legal expenses, impeding the rights of investors…
The post <a href="https://coinedition.com/sec-raises-red-flags-over-terraform-labs-166m-payment-to-lawyers/">SEC Raises Red Flags Over Terraform Labs’ $166M Payment to Lawyers</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

SEC Raises Red Flags Over Terraform Labs’ $166M Payment to Lawyers

Coin Edition

2024년 2월 29일에 게재된 다른 기사

Shiba Inu Team Debuts New Data Security Encryption, What This Means

Coinbase Outage: $100 Bln Wiped Off In Bitcoin Market Cap

Altcoin Watch: Potential Leaders in the Next Crypto Surge

Gemini Reaches Settlement in New York, Will Credit Back All Earn Customers

Hyped Memecoin Launch on Rebel Satoshi ($RBLZ) as Investors Ignore Dogecoin (DOGE) for Some Massi...

Solana Price Prediction: SOL Pumps 17% As Experts Say This New Meme Coin Might Outperform PEPE, S...

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!