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Securities and Exchange Commission v. Terraform Labs Pte Ltd.
Filed Nov 3rd, 2023 ...
Docket Number: 1:23-cv-01346
document link here:
SECURITIES AND EXCHANGE COMMISSIONāS MEMORANDUM OF LAW IN SUPPORT OF ITS MOTION FOR SUMMARY JUDGMENT
III. Defendants Engaged in Transactions Involving mAssets ......................................39
A. Transactions Involving mAssets Were Security-Based Swaps .................39
boom....
read that again...
A. Transactions Involving mAssets Were Security-Based Swaps .................39
guys.. they tokenized our stocks as mAssets, mAMC, and dozens more(basket)... just like FTX.. we were right... they were Security based Swaps..
and....get this.. SEC just approved this new rule on the 2nd...
https://www.sec.gov/news/press-release/2023-230
SEC Adopts Rules for the Registration and Regulation of Security-Based Swap Execution Facilities
FOR IMMEDIATE RELEASE
2023-230
Washington D.C., Nov. 2, 2023 ā
TheĀ Securities and Exchange Commission today adopted new Regulation SE under the Securities Exchange Act of 1934 to create a regime for the registration and regulation of security-based swap execution facilities (SBSEFs). The new regulatory framework was required under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the over-the-counter derivatives market.
Boom!!
oh but there's just so much in this Terraforms lawsuit though... I suggest you read the whole document filed on the 3rd.
I. Defendants Offered and Sold Securities ................................................................29
IV. Defendants Committed Fraud ................................................................................41
D. Defendantsā Misconduct Was in Connection with the Purchase or Sale of Securities........................................................................................48
MIR āLoansā to ____ [redacted]....................................................................16
Kwon Made a Secret Deal with ____[redacted] in May 2021 ......................24
i'll give you a clue who ___[redacted] is....
Tai Mo Shan... aka Jump Trading...
https://decrypt.co/140341/sec-alleges-jump-trading-propped-terrausd-collapse
" SEC Alleges Jump Trading Propped Up TerraUSD Prior to Collapse
In November 2019, Jump Trading's subsidiary Tai Mo Shan Limited loaned 30 million LUNA to Terraform Labs, the project behind the algorithmic stablecoin UST. According to the SEC, Terraform and its CEO, Do Kwon, allowed Jump Trading to purchase LUNA tokens at prices far below the open market rate. An email from Kwon to investors in January 2020 mentioned an "important arrangement" with Jump Trading, which could have allowed them to realize a profit of $1.28 billion."
You know... the Market Maker that took the lead in Robinhood's PFOF in 2021...
https://www.reddit.com/r/Superstonk/comments/p751rd/tai_mo_shan_limited_a_cayman_islands_company_is/
Who stopped doing business with eachother sometime around July due to regulator heat...
Robinhood and Jump Trading No Longer Have Crypto Partnership
I might need to explain that Jump Trading was robinhood's crypto market maker.. so why were they the #1 pfof... robinhood offers fractionalized shares.. aka they tokenized our stocks and sent the orders to coinbase to send "offshore"...
To terra and/or.... FTX..
But this one is a whooooole other story..
https://www.courtlistener.com/docket/67604164/ftx-trading-ltd-v-lorem-ipsum-ug/
Oh but it gets so damn spicy..
Exhibit 59: Excerpts of the transcript of the deposition of President of U.S. Trading Firm, dated August 18, 2023 ...
aka Kanav Kariya of Jump Trading's, Jump Crypto...
VIDEOTAPED DEPOSITION OF KANAV KARIYA 15 Chicago, Illinois 16 Friday, August 18, 2023 17 9:09 a.m. CST
Videotaped deposition of KANAV KARIYA 15 taken on behalf of the Plaintiff at 175 West Jackson 16 Boulevard, 14th Floor, Chicago, Illinois, beginning 17 at 9:09 a.m. and ending at 12:09 p.m., on Friday, 18 August 18, 20213, before Diana G. Rodriguez, 19 Certified Shorthand Reporter No. 084-002945.
"
answer the question at this time.
BY MS. STAREN: Q Did you tell Do Kwon that Jump would agree to step up and help restore the peg by buying up UST?
MR. HENKIN: Same objections.
BY THE WITNESS: A On the instruction of counsel I exercise my rights under the Fifth Amendment and decline to answer the question at this time.
BY MS. STAREN: Q Did you tell Do Kwon that Jump would step in and help restore the peg if Do Kwon agreed to amend the LUNA loan agreement and lift the vesting conditions?
MR. HENKIN: Same objections.
BY THE WITNESS: A On the instruction of counsel I exercise my rights under the Fifth Amendment and decline to answer the question at this time.
BY MS. STAREN: Q And when you asked Do Kwon to lift the 23 vesting conditions in exchange for Jump's agreement to buy up UST to restore the peg, Do Kwon agreed to that, correct?
MR. HENKIN: Same objection and assumes facts not in evidence.
MR. CLARK: Object to form.
BY THE WITNESS: A On the instruction of counsel I exercise my rights under the Fifth Amendment and decline to answer the question at this time.
BY MS. STAREN: Q And you reached this agreement with Do Kwon on the morning of May 23, 2021, correct?
MR. HENKIN: Object to form, foundation, assumes facts not in evidence and designation pursuant to paragraph 3 of the protective order.
MR. CLARK: Object to form.
BY THE WITNESS: A On the instruction of counsel I exercise my rights under the Fifth Amendment and decline to answer the question at this time.
BY MS STAREN: Q Okay. I'm going to play a video for you which is going to be marked as Exhibit 17A. And I can -- Mr. Kariya, you told Do Kwon that Jump would step in and help restore UST's peg if Do Kwon agreed to amend the LUNA loan agreement and lift the vesting conditions, correct?
MR. HENKIN: Object to form, foundation, assumes facts not in evidence, paragraph 3 of the protective order.
MR. CLARK: Object to form.
BY THE WITNESS: A On the instruction of counsel I exercise my rights under the Fifth Amendment and decline to answer the question at this time.
(Exhibits 17A and 17B marked for identification)
MS. STAREN: So I'm going to hand you two documents. The first just represents the Bates number of the video file that I will be playing that is Exhibit 17A and -- the cover sheet represents 17A, which is the Bates number of the video file, the screenshot is 17B.
(Video played)
BY MS. STAREN: Q Mr. Kariya, do you recognize the video that is Exhibit 17A that we just played?
A On the instruction of counsel I exercise 22 my rights under the Fifth Amendment and decline to answer the question at this time. Q Was that a video of you scrolling through your phone?
MR. HENKIN: Object to form.
BY THE WITNESS: A On the instruction of counsel I exercise my rights under the Fifth Amendment and decline to answer the question at this time.
BY MS. STAREN: Q And what was being depicted on the screen of your phone in that video?
MR. CLARK: Object to form.
BY THE WITNESS: A On the instruction of counsel I exercise my rights under the Fifth Amendment and decline to answer the question at this time.
BY MS. STAREN: Q The screen of your phone was reflecting a series of communications between yourself and Do Kwon, correct?
MR. HENKIN: Object to form, lack of foundation.
BY THE WITNESS: A On the instruction of counsel I exercise my rights under the Fifth Amendment and decline to answer the question at this time.
BY MS. STAREN: Q Were these Signal communications?
"
In other filings Do Kwon says his communications with "Predisdent of US Trading Firm"... Kanav.. was on Signal and if they were deleted, it was on Kanav's end... ouch...
SEC usually gets a i success rate in federal trials and a former SEC enforcer suggests this is in the can.. tick tock...
oh yea... the lawsuit also says USDT was used as securities so now Circle via Heath Tarbert(rolled back swaps reporting at CFTC) is claiming that SEC has no jurisdiction in this lawsuit.. bwahahahaha... Heath Tarbert rolled back swaps reporting from dodd frank act,
https://www.youtube.com/live/7_VqJ48Bmv4?si=ubEg2P8c8oQA5E6k
then heath approved LedgerX, which was the FTX backdoor..
https://www.coindesk.com/policy/2023/10/05/ftx-employees-knew-about-the-backdoor-to-alameda-months-before-collapse-wsj/
then heath left CFTC to join Citadel, then Circle. His actual signature was found on a swaps between FTX, Citadel and china.
Gary Gensler wrote the swaps reporting rule into dodd frank after the 2008 crash.. crazy story actually.. GG did the crooks dirty. bwahahahttps://www.reuters.com/investigates/special-report/usa-swaps/
We have always known.. they acted like they didnāt now they have to listen š
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