The U.S. Securities and Exchange Commission’s civil case against Terraform Labs and its co-founder and CEO Do Kwon continued with an order for documents from Genesis Global.
The order was unclear as to the nature of the documents under subpoena, but stated Genesis had failed to provide the information by Oct. 9.A United States judge has approved an order requiring Genesis Global entities to produce certain documents in accordance with a subpoena requested by Terraform Labs.Genesis would have 5 days — likely until Oct. 18 — to produce documents following a subpoena from Terraform. According to the filing, Genesis failed to provide records by Oct.
U.S. regulators have alleged Terra and Kwon “misled and deceived investors” with claims about its algorithmic stablecoin Terra USD . The collapse of Terraform Labs was one of the precipitating events in the crypto market crash of 2022, prior to the bankruptcies of FTX, BlockFi, Celsius Network, Voyager Digital, and others.in January, estimating its liabilities to be roughly $1 billion with $10 billion in assets at the time.
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