Terraform Labs is seeking permission from a judge. to subpoena information from bankrupt FTX, claiming the information could help fend off a lawsuit from the United States Securities and Exchange Commission (SEC) in February. According to court filings
Seeking evidence to support its defense against fraud allegations, Terraform’s attorneys filed a July 19 insolvency lawsuit against FTX to gain access to the company’s data on digital wallets used by short sellers between March 2022 and May 2022. Terraform alleges that the stablecoin’s failure was the result of a coordinated attack by short sellers, possibly involving Alameda Research, a subsidiary of FTX.
“TFL requires accounts receivable regarding wallets, accounts, and transactional assets on FTX International and US, and the sale/offer of multiple cryptocurrencies developed by TFL.”
On February 16, the US SEC filed a lawsuit against Terraform Labs and its founder Do Kwon for “fraudulent multi-billion dollar digital assets” and Terraform offering unregistered securities in an operation through the failed TerraUSD (UST) algorithm and Terra Luna (LUNA) token.
refer : cointelegraph
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