Terraform pushes back against SEC's $5.3 billion disgorgement demand
Terraform Labs and co-founder Do Kwon's lawyers oppose the SEC's request for $5.3 billion in disgorgement and civil penalties, proposing a $1 million civil penalty instead.
They argue that seeking disgorgement would involve funds from the Luna Foundation Guard (LFG), a non-party in the civil case.
Kwon's separate filing opposes the commission's motion, citing Fifth Amendment rights against self-incrimination.
Despite Terraform being found liable for defrauding investors, Judge Jed Rakoff has yet to rule on proposed remedies.
Kwon, restricted from traveling outside Montenegro, faces extradition requests from the U.S. and South Korea after being arrested for using falsified travel documents.
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