Do Kwon Requests U.S. Trial Postponement

Do Kwon Requests U.S. Trial Postponement

USASEC

By Miles

12 Jan 2024 (5 months ago)

1 min read

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Do Kwon seeks to delay his US trial as extradition from Montenegro faces delays; SEC accuses him of major crypto fraud

Do Kwon, ex-CEO of Terra, has asked for his US trial to be postponed. The trial, dealing with charges by the US Securities and Exchange Commission (SEC), might be delayed because Kwon's extradition from Montenegro is taking longer than expected.

In a letter to Judge Jed S. Rakoff, Kwon's lawyers say he likely won't be extradited until February or March. They're asking to delay the trial until mid-March so Kwon can attend. If the court doesn't agree, they want to ensure the jury isn't unfairly influenced against Kwon.

Legal Issues in Montenegro

Recently, a Montenegro court found errors in the extradition order for Kwon. This has sent the case back for more review. Kwon remains detained there until at least mid-February.

SEC's Charges Against Terra and Kwon

The SEC accuses Terraform Labs and Kwon of a massive crypto fraud, involving the sale of unregistered crypto assets from 2018 to 2022. They allegedly misled investors about the value and stability of their tokens, leading to a major price crash in May 2022. Currently, Terra Luna Classic (LUNC) is valued at $0.000129049.

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