SEC Objects to Terraform's $166M Retainer Payment to Law Firm Dentons
The US SEC has raised concerns over Terraform's $166 million payment to law firm Dentons, alleging that the money was diverted into an "opaque slush fund for its lawyers" instead of being used to repay investors and creditors. The SEC has also objected to Terraform's ability to hire Dentons or pay for litigation costs for employees. The payment was made in anticipation of a future judgment in the SEC's lawsuit against Terraform Labs and its founder, Do Kwon, who are currently facing trial over the collapse of TerraUSD. Terraform Labs filed for Chapter 11 bankruptcy in January 2024 after the failure of TerraUSD and the LUNA token caused billions of dollars in investor losses.
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