The most notorious cryptocurrency criminal in history asked to be found not guilty

Terraform Labs and its co-founder До Квон" href="https://noworries.news/biography/do-kvon/" data-bio-id="3665">Do Kwon, who has become one of the world’s biggest cryptocurrency fraudsters, have asked a federal judge to take their side in a fraud case. The US Securities and Exchange Commission (SEC) has filed claims against the entrepreneur. The defense argues that the financial regulator failed to prove that the organization offered investors to buy unregistered securities. «After 2 years of investigations, the completion of a disclosure period that resulted in more than 20 depositions, and the exchange of more than 2 million pages of documents, the SEC is no closer to proving guilt. There are no credible facts. The SEC has failed to prove that the defendants did anything wrong,» Terraform Labs said in a formal request to Judge Jed Rakoff of the U.S. District Court, Southern District of New York. The defense added: «The SEC knew in advance that some of its allegations were false, including the claim that Do Kwon and Terraform secretly transferred millions of dollars to Swiss bank accounts for their own benefit. In its lawsuit, the agency noted that Kwon and Terraform sent 10,000 BTC to a Swiss bank and withdrew $ 100 million. According to the lawyers, Terraform Labs had no clients at the time, which means that «no client funds are out of the question.» Judge Jed Rakoff, who is handling the case, has already rejected Terraform’s lawyers' requests to dismiss the regulator’s claims. Do Kwon is currently in custody in Montenegro. He was arrested for trying to leave the country with a fake passport. In June, South Korean prosecutors said that Do Kwon faces more than 40 years in prison for organizing one of the largest financial crimes.