cryptocoin.com As we reported, the US Securities and Exchange Commission (SEC) has sued the CEO of Terraform Labs on his way to the “Mainnet 2021” summit in New York. CEO Do Kwon and Terraform’s lawyers argued that the subpoena was an improper and inappropriate attempt outside the SEC’s jurisdiction. Do Kwon and Terraform Labs first worked with the SEC in May 2021 and voluntarily participated in a five-hour interrogation. All the while, a crypto analyst nicknamed TraderXO is giving big targets for the altcoin.
Terraform Labs CEO Do Kwon is in trouble with the SEC
Terraform Labs CEO Do Kwon was presented with a subpoena by the SEC while attending Messari’s Mainnet conference. According to the lawsuit filed by Do Kwon and Terraform Labs with the SEC, the regulator does not have jurisdiction over the plaintiffs. In May 2021, the SEC contacted Do Kwon to talk about the functioning of Mirror Protocol and Terraform Labs’ relationship with the company. The Terraform Labs CEO voluntarily met with SEC attorneys and answered their questions during the five-hour interrogation.
The SEC has asked Terraform Labs to prepare documents on the subject. In September 2021, a break occurred. While still talking to Terraform’s representatives, the SEC sued CEO Do Kwon, who attended Messari’s Mainnet launch event. Court filings confirm that Do Kwon was served two subpoenas at Messari’s Mainnet conference in September. The Terraform Labs founder and CEO is now suing the SEC for overpowering him to issue a subpoena. Do Kwon’s case defies subpoena:
Due to the failure of the SEC and the SEC to keep an investigation of the “Mirror Protocol” confidential, it was improperly published and made available.
Further, the filings state that on September 15, 2021, SEC attorneys stated that enforcement action was warranted. Five days later, the CEO was summoned to court at the summit event. Do Kwon resides in South Korea and the SEC’s rules state that investigations are confidential. However, the agency sent a subpoena to an event with more than 2000 attendees through the “Cavalier Courier and Process Service”. The following allegations are made in the court file:
Speculation about the incident on social media and in the press has led to a summit involving more than 2,000 people within minutes of attempting to be sent to the service, running a “Knight” process to approach Mr. Kwon in public and announce the purpose of his approach, at worst, publicly intimidating and It was a deliberately brash show to embarrass, and reckless at best.
TraderXO gives top 10 targets for altcoin
Contrary to the SEC’s investigation and ongoing litigation, analysts are making a bullish outlook in the price of altcoin Terra’s token LUNA. The platform’s native token gained over 23% last week. The cryptocurrency analyst, who goes by the nickname TraderXO on Twitter, predicts that LUNA will rank in the top 10 cryptocurrencies by market cap, and says he has set a target of $50 for the altcoin:
The classic example is I’m using a monthly open level to get on board. I added more than $38 to my LUNA position. Luna is fine now 45s next target 50s.
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