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Terraform Labs Crypto Trial Starts with Talk of UST Death Spiral and Do Kwon in Montenegro

by Matthew Russell Lee, Patreon Substack

SDNY COURTHOUSE, March 25 – The SEC's trial against  Terraform Labs began on March 25. Inner City Press was there, thread. On November 17, 2023 US District Court for the Southern District of New York Judge Jed S. Rakoff held a hearing on potential trial experts. Inner City Press live tweeted that too, thread.

  From March 25, thread:

...Witness is on stand, bought $188,000 of UST on Gemini in Feb-March 2022

Terraform lawyer's Q: You thought there was no risk? Witness: Terraform Labs said that, relatively

Q: Which is riskier, UST or IBM stock? Witness: Clearly, UST. [Light laughter in the courtroom]

Terra's lawyer: Did you understand TerraUST could fall into a death spiral? Witness: Only if their representations were not true.

Terra's lawyer: Nothing further.

Judge Rakoff: Re-direct. SEC's lawyer: Why are you here? Witness: If people do wrong they should be punished. Do Kwon said it was a stable coin.

 Jury leaves.

 Judge Rakoff: I would never have adjourned the trial until now if I hadn't thought Mr. Kwon was doing everything to be extradited here.

SEC: The jury will think we didn't want to call him. Judge Rakoff: If he were, God forbid, in the hospital abroad you couldn't call him. You have a deposition

SEC lawyer: No, it was an investigative interview, he was in Singapore. We could have sought a consciousness of guilt - he was fleeing to Dubai with a Costa Rican passport Judge Rakoff: That was your decision

More on Substack here

The case is Securities and Exchange Commission v. Terraform Labs Pte Ltd. et al., 23-cv-1346 (Rakoff) 


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