US Securities and Exchange Commission (SEC) has advanced the Terra lawsuit process by submitting a motion for summary judgment. The SEC claims to have "undisputed" evidence of Terraform Labs' former CEO Do Kwon and the company's alleged misconduct. The SEC's filing alleges that Terraform and Do Kwon orchestrated a fraudulent scheme that ultimately resulted in $45 billion in losses, including devastating losses to US investors. The SEC's motion for summary judgment further states that the defendants fabricated Terra blockchain activity to create the appearance of non-existent real-world transactions on the blockchain. They lied to investors about the stability of Terraform's so-called stablecoin while concealing secret transactions with third parties to save the asset from collapsing. Previously, Terraform Labs and Do Kwon's lawyers submitted a motion for summary judgment in an attempt to quickly dismiss the case.