Do Kwon and CZ's cases are different.

According to Odaily Planet Daily, lawyers for the U.S. SEC have responded to a memorandum from Terraform Labs that proposes relief measures after the civil case verdict. The U.S. SEC refuted Terraform's argument to reduce the recovery of illegal gains in the civil case verdict, and the jury found the company responsible for it. SEC lawyers said that Terraform and co-founder Do Kwon never raised the argument in court about the extraterritorial applicability of the SEC's enforcement of federal laws on token issuance and sales outside the United States.

The SEC's filing states that the defendants' arguments lack basis because they rely on misapplication of the law and misrepresentation of relevant facts. Earlier, after the SEC asked Terraform Labs to pay a $5.3 billion fine, the latter's lawyers fought back. Terraform said: "...the SEC did not submit any evidence to prove that the defendant's limited activities in the United States directly caused any losses, let alone the billions of dollars that the SEC requested to recover."