Do Kwon is set to have his extradition to either the United States or South Korea, approved by a Montenegrin court.
Do Kwon has asked the judge to dismiss the federal securities regulator's lawsuit alleging securities and fraud as it does not provide sufficient evidence of their wrongdoing.
To shield consumers from continuous phishing schemes on the network, Layer-1 blockchain Terra has momentarily shut down its website.
A federal judge rejected Terraform Labs' request to dismiss the SEC's lawsuit against it.
SEC argues that between 2018 and 2022 Terra raised billions from investors by marketing and selling crypto securities without proper registration.
Terraform Labs co-founder Do Kwon has been granted bail in Montenegro following the dismissal of an appeals process by prosecutors.
According to court documents from the U.S. SEC, Jump Trading and Do Kwon made a covert agreement in 2021.
Officials in South Korea froze assets linked to Shin and nine other indictees worth ($184.7 million).
The court stated that it is difficult to view Luna Coin as a financial investment product regulated by the Capital Markets Act.
The Securities and Exchange Commission was granted permission by a US judge to search Singapore for Terraform Labs and founder Do Kwon-related records.