Terra co-founder Do Kwon loses bid to block US from seeking Singapore records

Do Kwon, who created the failed Terra stablecoin, was arrested in Montenegro in March and charged with fraud by US prosecutors. - AFP

NEW YORK (Bloomberg): The US Securities and Exchange Commission (SEC) can seek records from the Monetary Authority of Singapore (MAS) as part of the United States regulator’s regulator’s lawsuit against Terraform Labs and founder Do Kwon, a judge ruled.

US District Judge Jed Rakoff at a hearing on Friday (April 8) denied Kwon and Terraform’s request for an order forcing the Securities and Exchange Commission to withdraw its request for documents in the Singaporean regulator’s possession from the defendants and Luna Foundation Guard, a fund established to raise money for the sole purpose of keeping the TerraUSD stablecoin worth US$1, according to court records.