Terraform Labs is asking court to subpoena information from FTX to defend against SEC charges

Terraform Labs is asking the court to allow it to subpoena certain information about accounts, wallets, and assets from FTX in order to defend itself in a case brought by the U.S. Securities and Exchange Commission (SEC), The Block reported. The U.S. SEC accused Terraform and its former CEO Do Kwon in February of allegedly misleading investors about its algorithmic stablecoin TerraUSD. In a motion involving FTX filed in U.S. District Bankruptcy Court for the District of Delaware on Wednesday, attorneys representing Terraform said a "coordinated short attack" caused the stablecoin to fall, and that the sellers likely used FTX in part to carry out the attack. A hearing on the motion will be held on August 2 at 10 a.m. ET.