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.
In an Oct. 13 filing in the U.S. District Court of the Southern District of New York, Judge Jed Rakoff said Genesis would have five days — likely until Oct. 18 — to produce documents following a subpoena from Terraform Labs. According to the filing, Genesis failed to provide records by Oct. 9 as was required by a Sept. 12 subpoena, though the order was unclear as to what documents the crypto firm was seeking.
The order was part of the U.S. Securities and Exchange Commission’s civil case against Terraform Labs and its co-founder and CEO, Do Kwon, first filed in February. Kwon is currently serving a four-month prison sentence in Montenegro for using falsified travel documents while the lawsuit against Terra continues in the United States.
Related: Terraform Labs contends Citadel Securities had a hand in its stablecoin collapse
U.S. regulators have alleged Terraform Labs and Kwon “misled and deceived investors” with claims about its algorithmic stablecoin, Terra USD (UST). The collapse of the Terra ecosystem was one of the precipitating events in the crypto market crash of 2022, prior to the bankruptcies of FTX, BlockFi, Celsius Network, Voyager Digital an
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Author: Turner Wright
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