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Terraform Labs Crypto Trial Day 4 Has Whistleblower Grilled on Monetary Motive

by Matthew Russell Lee, Patreon Book Substack

SDNY COURTHOUSE, March 28 – 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 27, Day 3, thread

  From March 28, Day 4, thread

OK - back to crypto trial of SEC v Terraform / Do Kwon, Day 4 - the whistleblower still on the stand, cross examination

Defense: You said you know Chai's products inside and out, right?

Witness: Yes. Defense: But you had no personal knowledge, isn't that fair? W: None of the Chai products I knew used the Terra blockchain. Defense: Were they offered discounts? W: From investor funds

 Defense: You're in this case for the money, right? SEC lawyer: Objection! Judge Rakoff: Sustained.

Defense: You say you became aware of a fraud at Chai, right? Witness: Yes. Now that I look back, they are making millions, of course they wanted it secret

 Defense: Move to strike, not responsive Judge: Granted.

Defense: When you filed your first SEC whistleblower complaint, you had already known about it. You were being let go?

Witness: For raising concerns. I would have made more to stay silent. Defense: No further questions.

Judge Rakoff: We'll take a break.

...after showing of charts and playing of audio, ends with Judge Rakoff asking for Defense position on an adverse inference instruction, if witness takes the 5th.

 Defense: One moment? Judge Rakoff: I have to leave, for the usual reasons

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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