Terraform Labs, Pte Ltd v Okcoin Technology Company Ltd 

The dispute concerned Terraform’s application under s.75 of the Evidence Ordinance (Cap. 8) for disclosure of documents pursuant to a Letter of Request issued by the US District Court for the Southern District of New York. The documents were sought in connection with ongoing proceedings brought by the Securities and Exchange Commission against Terraform and its founder, Do Kyeong Kwon (aka Do Kwon) in 

Securities and Exchange Commission v Terraform Labs, Pte Ltd & Do Hyeong Kwon

The Letter of Request sought disclosure of documents from Okcoin in Hong Kong under the Hague Convention on the Taking of Evidence Abroad in Civil or Commercial Matters 1970 relating (

) to trading in Terra-native crypto tokens, including LUNA and UST, during the May 2022 crypto market crash. The High Court (Master SP Yip) granted Terraform’s 

disclosure order. On 20 January 2024, after hearing argument Master Yip granted Okcoin’s application, ruling that the documents sought were not directly relevant to the issues in dispute in the trial of the US proceedings, and were not sufficiently particularised.

The SEC’s claims against Terraform and Do Kwan are due to be heard at a trial commencing in March 2024.

 acted for Terrafrom (with assistance from 

 and Leticia Tang acted for Okcoin, instructed by Clifford Chance.

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