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<p><em><strong>The SEC accused Terraform Labs of transferring $166 million to Dentons U.S. LLC, a law firm, disguised as an Advance Retainer Payment. The SEC alleges this was an attempt to move assets away from the company before any court decisions.</strong></em></p><h2 id="header-0">Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Screenshot_5.png?fit&#61;1276%2C681&amp;ssl&#61;1" /></p><p>While acknowledging Dentons as legal counsel, the SEC deemed the amount transferred as “extraordinary,” taking action to protect Terraform Lab’s assets due to inadequate disclosures and bankruptcy regulation non-compliance.</p><h3 id="sec-accuses-terraform-labs-of-suspicious-fund-transfers">SEC Accuses Terraform Labs of Suspicious Fund Transfers</h3><p>The SEC revealed that <a href="https://cryptosheadlines.com/terraform-labs-transfers-millions-worth-of-tokens-one-year-after-terra-luna-crisis/" rel="noopener noreferrer nofollow">Terraform Labs had transferred $122 million</a> to Dentons within 90 days before filing for bankruptcy, a timing the SEC considers suspicious. The commission alleged that these funds were channeled into a fund for the debtor’s legal team, serving as a “war chest” to support its defense against the SEC, to the detriment of its creditors.</p><p>Furthermore, the SEC argued that the assets transferred could be proceeds of the conduct alleged to have violated the law, as previously found by the District Court. While a significant portion of the payment covered legal expenses, an outstanding balance of $81 million remains with Dentons.</p><p>Consequently, the SEC demanded the reimbursement of the remaining sum to <a href="https://cryptosheadlines.com/terraform-labs-founder-kwon-denies-forgery-and-financial-links-in-montenegro-court-battle/" rel="noopener noreferrer nofollow">Terraform Labs’</a> account before Dentons could represent them further. Additionally, the SEC urged the appointment of a fee examiner to scrutinize the application and associated payments.</p><h3 id="legal-woes-surrounding-terraform-s-former-ceo">Legal Woes Surrounding Terraform’s Former CEO</h3><p>Legal documents revealed that Dentons, the law firm representing Terraform Labs, also represents the company’s former CEO, Do Kwon, who faces legal troubles across multiple jurisdictions.</p><h2 id="header-1">Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Screenshot_5.png?fit&#61;1276%2C681&amp;ssl&#61;1" /></p><p>Kwon’s current situation involves serving a four-month prison sentence in Montenegro for traveling with forged documents. Recently, a High <a href="https://cryptosheadlines.com/us-court-approves-ftxs-50m-acquisition-of-ledgerx/" rel="noopener noreferrer nofollow">Court approved</a> his extradition to the US from his home country, South Korea. However, due to legal complexities, his extradition seems <a href="https://cryptosheadlines.com/expert-secs-weak-case-against-ripple-unlikely-to-proceed-to-trial/" rel="noopener noreferrer nofollow">unlikely before his SEC trials</a> commence.</p><p><a href="https://cryptosheadlines.com/top-5-crypto-winners-to-monitor-today/" rel="noopener noreferrer nofollow">Also Read:   Top 5 Crypto Winners to Monitor Today</a></p><h3 id="the-sec-s-allegations-against-kwon">The SEC’s Allegations Against Kwon</h3><p><a href="https://cryptosheadlines.com/intensification-of-do-kwons-extradition-battle-amid-sec-legal-dispute/" rel="noopener noreferrer nofollow">Kwon’s legal issues with the SEC</a> originate from allegations of misconduct related to the May 2022 collapse of Terra/Luna. The SEC accuses Kwon and Terraform of misleading investors regarding the stability of the failed TerraUSD algorithmic stablecoin.</p><p><em><strong>Important:</strong> Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.</em></p>

SEC Alleges Terraform Labs Diverted $166M Ahead of Court Decisions

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