• The US Securities and Exchange Commission (SEC) has been granted permission by a US judge to access records from the Monetary Authority of Singapore (MAS) related to Do Kwon’s Luna Foundation Guard and its operations.
• Do Kwon is facing legal action from multiple regulatory bodies, law enforcement agencies, and prosecutors for his role in the LUNA/UST collapse.
• Do Kwon was recently arrested in Montenegro for fraud and unregistered securities trading charges that caused billions of dollars of losses for investors.
Do Kwon’s Request For MAS Records Denied
The U.S. Securities and Exchange Commission (SEC) has been granted permission by a U.S. District Judge Jed Rakoff to access records stored with the Monetary Authority of Singapore (MAS) related to Do Kwon’s Luna Foundation Guard (LFG) and its operations. Do Kwon had requested that the SEC be prevented from accessing data related to his operations stored at the MAS, however this request was denied by Judge Rakoff. The ruling allows for the SEC to seek records from MAS that could provide more insight into the management of LFG as well as Do Kwon’s role in the LUNA/UST collapse which unraveled markets in 2022.
Do Kwon Facing Legal Action
Multiple regulatory bodies, law enforcement agencies, and prosecutors have claimed that Do Kwon should be held accountable for billions of dollars worth of valuation loss due to his involvement with orchestrating this incident. In February 2023, the SEC filed a lawsuit against him on charges of fraud and unregistered securities trading leading to billion-dollar losses for investors; he is also facing legal action from New York prosecutors as well FBI investigations plus South Korean and Singaporean authorities are undertaking investigations into his activities as well. After being hard to find for several months, he was recently arrested in Montenegro where he remains waiting extradition back to face justice in America or any other jurisdiction involved in these matters.
The Collapse Of UST/LUNA
In May 2022 Terra stablecoin lost its dollar peg causing it take a nosedive way below its price target; this was closely connected with native token LUNA which led users minting more LUNA attempting gain some equilibrium but ultimately resulting an infinite arbitrage loop causing both tokens plummet down hitting rock bottom leading market-wide meltdown costing billions dollars worth losses several companies exposed UST/LUNA taking hit toppling into bankruptcy as consequence events happened time frame mentioned above.
Consequences Of The Collapse
Due consequences mentioned above several companies exposed UST/LUNA took hit toppling into bankruptcy; additionally multiple regulatory bodies law enforcement agencies have taken legal action against Do Kwons claiming he should held accountable billion dollar worth valuation loss orchestrating incident leading SEC filing lawsuit against him charges fraud unregistered securities trading causing billion dollar investor losses while New York prosecutors filing additional legal actions plus undergoing FBI investigations South Korean Singaporean authorities undertaking investigation activities all culminating arrest Montenegro still awaiting extradition face American justice any other jurisdiction involved matters .
The recent ruling allowing SEC access records stored Monetary Authority Singapore concerning Luna Foundation Guard operations will allow them seek valuable information including initial establishment non-profit organization behind collapsed Terra ecosystem funds raised maintain dollar peg algorithmic stablecoin Terra bring closer closure case help restore faith markets investors itself .