SEC Case Against Terraform Labs and Co-founder Do Kwon Delayed
The U.S. Securities and Exchange Commission (SEC) case against Terraform Labs and its co-founder, Do Kwon, has been postponed. The delay will allow the authorities to extradite Kwon from Montenegro, and the trial is now expected to take place in March. The hearing was originally scheduled for January 29, but Kwon’s presence was uncertain. However, his legal representation has indicated his willingness to attend the trial and agreed to extradition.
SEC Ready to Wait
The SEC has argued against holding separate trials for Terraform Labs and Kwon, citing the similarity of the cases. The agency proposed April 15 as the new trial date, while Kwon’s lawyer agreed not to seek further delays beyond March 18.
This case revolves around the collapse of TerraUSD, a stablecoin pegged to maintain a 1:1 ratio with the US dollar. The SEC has charged Terraform Labs and Do Kwon with providing false information about the stability of their digital currency, resulting in significant losses for investors.
Community Member Alleges Detention
Kwon is facing criminal charges in the United States, and South Korea has also requested his extradition. A crypto commentator known as FatMan has claimed that Kwon’s U.S. legal team is trying to prevent the jury from knowing about his current detention in Montenegro. FatMan alleges that Kwon was arrested for using fake documents in an attempt to flee.
Hot Take: SEC Case Against Terraform Labs and Co-founder Do Kwon Faces Postponement
The SEC’s case against Terraform Labs and co-founder Do Kwon has been delayed due to the need for Kwon’s extradition from Montenegro. The trial, originally scheduled for January 29, will now take place in March. The SEC is willing to wait and has proposed a new trial date of April 15. This case revolves around the collapse of TerraUSD and the SEC’s allegations of false information provided by Terraform Labs and Kwon. Additionally, a community member has alleged that Kwon’s legal team is trying to hide his current detention from the jury.
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