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Breaking news, BTC enthusiasts! The

U.S. Securities and Exchange Commission

(SEC) is urging a Delaware bankruptcy court

to reject Terraform Labs' proposal to retain

Dentons U.S. LLC as its special counsel,

citing a "suspicious" $166 million transfer to

the law firm.

The SEC believes this transaction could be

an attempt to evade settling a forthcoming

judgment in the agency's lawsuit against

Terraform Labs. They've even dubbed the

Dentons Advance Payment Retainer as an

"opaque slush fund" for legal fees!

With $81 million still remaining in the

retainer, the SEC wants a fee examiner

appointed to scrutinize the payment

and requests that Dentons refrain from

representing Terraform Labs unless the

remaining funds are refunded. A

Stay tuned for more updates as U.S.

Bankruptcy Judge Brendan Shannon

presides over the arguments at a court

hearing scheduled for March 5 in Wilmington,

Delaware.

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