A New York court ordered crypto lending firm Genesis within five days to respond to a subpoena related to the collapse of TerraUSD (UST), after the company failed to respond by the October 9 deadline. The collapse of TerraUSD in 2022 sent shockwaves through the crypto market, with the U.S. SEC subsequently suing Terraform Labs, the company behind the token, and co-founder Do Kwon for misleading investors.
"As of today, the Genesis entities have failed to produce any documents in response to the subpoena," Judge Jed Rakoff said in Friday's court order.
It is reported that the defendants issued legal requests for information to Genesis Global Capital, Genesis Global Holdco and Genesis Global Trading on September 12. Three Genesis entities filed for bankruptcy in January 2023, and the trading arm shut down U.S. spot market operations in September. (CoinDesk)