Do Kwon, the co-founder of Terraform Labs, is seeking to postpone his trial date with the United States District Court for the Southern District of New York, currently scheduled for January 29, 2024. His request, dated January 11, is based on extradition challenges he's facing in Montenegro.
Kwon's legal team expressed his desire to attend the trial personally, a possibility complicated by slower-than-expected extradition proceedings in Montenegro. This request for delay is an attempt to ensure his presence at the trial.
In February 2023, the U.S. Securities and Exchange Commission (SEC) filed fraud charges against Kwon, linked to the collapse of Terraform Labs’ stablecoin TerraUSD (USTC) and its associated Terra (LUNA) token. These charges are part of an ongoing investigation into a multibillion-dollar crypto securities fraud.
Kwon’s legal team acknowledged the urgency of the trial but stated that the current trial date does not seem feasible for Kwon to attend. They propose a mid-March adjournment, which they believe could allow Kwon to be present for the proceedings.
In December 2023, the Appellate Court of Montenegro annulled the decision of the High Court of Podgorica, which had approved Kwon’s extradition to either the U.S. or South Korea. The U.S. and South Korea both seek Kwon’s extradition, with speculation around the possibility of him facing multiple sentences in both countries.
Kwon was arrested in Montenegro in March 2023 for attempting to use falsified travel documents. This legal development is a part of the broader story involving Terraform Labs and its dramatic impact on the cryptocurrency market.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
