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International Business Times
International Business Times
Business
Marvie Basilan

SEC Challenges Terraform Labs' 'Suspicious' Dentons Legal Fees

SEC Terraform Dentons Terraform Labs Terra United States Do Kwon blockchain Lawsuit Crypto
Illustration shows Terra logo and U.S. dollars. (Credit: Reuters)

KEY POINTS

  • The SEC wants Terraform to be disallowed from hiring law firm Dentons
  • The regulator questioned what it said was "slush fund" for the bankrupt firm's lawyers
  • Terraform and its ex-CEO have been accused of orchestrating crypto assets securities fraud

The U.S. Securities and Exchange Commission (SEC) has questioned bankrupt blockchain protocol and payment platform Terraform Labs' "suspicious" payments of $166 million to law firm Dentons. The regulator said the massive legal fee may have been sent to avoid paying a future payment in the SEC's lawsuit against the cryptocurrency firm.

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