A United States judge was denied a request by Terra co-founder Do Kwon to block SEC access to Singaporean documents. The decision will come as a blow to Kwon, who is under pressure from regulators.
United States District Judge Jed Rakoff has denied a request from Do Kwon to block United States Securities and Exchange Commission (SEC) access to certain documents. The latter is requesting records from the Monetary Authority of Singapore (MAS).
This comes amidst tough battles for Kwon and Terraform Labs, as Kwon was arrested earlier this year after months of being on the run from authorities.
Prosecutors were looking for a source of funding from a Seoul-based law firm, Kim & Chang. If the incident is proven, it may result in further legal repercussions for Kwon.
South Korean prosecutors have also reportedly contacted Binance to halt any withdrawals associated with Kwon. Prosecutors have stated that Kwon has no discernible property in the country, as his funds appear to be illicit and are not in South Korea.