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Terraform Labs made a suspicious payment of $166 million to the company's lawyers

Market and Events: Terraform Labs made a suspicious payment of $166 million to the company's lawyers

The U.S. Securities and Exchange Commission (SEC) has discovered suspicious financial transactions at bankrupt Terraform Labs. The Block reported that $166 million was transferred to the company's legal representatives.

The SEC filed a motion in Delaware bankruptcy court to keep law firm Dentons U.S. LLC out of the proceedings. The law firm was previously alleged to have been involved in diverting funds that were to be used to fulfill legal obligations.

Approximately 90 days before the bankruptcy filing, #TerraForm Labs paid Dentons U.S. LLC $122 million and added another $44 million, and the SEC suspects these funds were diverted to undisclosed accounts because of a potential legal conflict with the SEC.

More than half of the funds have already been used to cover legal fees, leaving $81 million in the hands of Dentons U.S. LLC, which the SEC says cannot act on behalf of the defendants until the misappropriated funds are returned.

The #SEC emphasizes that some of the funds were used to pay for consulting fees in connection with the extradition case of Do Kwon, former CEO of Terraform Labs, from #Montenegro.

Recent developments indicate that #Do Kwon may not be ready for the start of his #fraud trial due to the delay in his extradition to the US.

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