Terraform Labs and its co-founder Do Kwon have submitted a motion for summary judgment against the U.S. Securities and Exchange Commission (SEC) in an attempt to have the multi-billion-dollar securities fraud allegations dismissed. They argue that the SEC has not provided sufficient evidence to support their claims. Terraform Labs hopes for a swift resolution from Judge Jed Rakoff, although their previous attempt to have the lawsuit thrown out was unsuccessful. The SEC has sued Terraform Labs and Do Kwon over the collapse of TerraUSD and LUNA, alleging the sale of unregistered securities and violations of regulations. Do Kwon is currently detained in Montenegro, with extradition requests from the U.S. and South Korea, while Terraform Labs co-founder Daniel Shin faces fraud charges in South Korea. The SEC has not commented on Terraform's motion.
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