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Federal Judge Allows Terraform Labs to Subpoena Bankrupt Crypto Giant FTX for Information Relevant to SEC Enforcement Action Defense

Terraform Labs, the issuer of the crashed Terra algorithmic stablecoin and related Luna governance token, has been granted permission by a federal judge to issue a subpoena to bankrupt crypto giant FTX. Terraform claims that FTX has information relevant to its defense against a Securities and Exchange Commission enforcement action, as it believes a coordinated shorting of its tokens caused their May 2022 crash.

FTX has agreed to provide the requested records, as long as they are limited to Terraform's defense against the SEC's case. The subpoena aims to produce evidence to disprove part of the SEC's case against Terraform and its founder Do Kwon.

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