The U.S. Court of Appeals for the Second Circuit has rejected Do Kwon's appeal and has confirmed that the SEC-related subpoena was indeed lawful. Terra will need to face an investigatory hearing regarding the issuance of illegal, unlicensed securities.https://www.law360.com/newyork/articles/1500866/defi-firm-terra-must-face-sec-subpoenas-2nd-circ-affirms …
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The SEC knows Terra issued unlicensed Mirror securities. What they don't know is that Jump & TFL used retail liquidity to farm & dump loads of MIR rewards, manipulated on-chain governance constantly, allowed for a $90m 'hack' to happen through pure negligence... Spicy times ahead
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Replying to @swapdoteth
I don't think it was an inside job. They rushed in code from a self-admittedly inexperienced dev, which is negligence, and didn't bother doing audits for months (and didn't even notice the hack!) but that's not evidence that it was deliberate.
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