Do Kwon’s Trial Postponed Until March
The trial of former Terraform CEO, Do Kwon, has been postponed until March. This decision was made by the US Securities and Exchange Commission (SEC) and the court, in order to allow time for Do Kwon’s extradition from the Montenegran prison where he is currently being held. The trial is related to the collapse of cryptocurrency TerraLUNA (LUNC) and stablecoin TerraUSD (UST) in May 2022, and Do Kwon has been charged with fraud and other offenses by the SEC. Originally scheduled for January 29, 2024, the trial date has now been pushed back to March.
Delay Due to Extradition Process
The reason for the trial postponement is the need to ensure that Do Kwon can be extradited to the United States in time for the proceedings. His legal team has expressed concerns that his detention in Montenegro on prior charges may hinder his arrival. To allow for the extradition process to take place and give Do Kwon time to prepare for the trial, his court date has been rescheduled to March 18, 2024. Do Kwon’s team has assured that if he cannot meet this new date, they will not seek another extension.
Court Approves Postponement
Judge Jed Rakoff of the U.S. District Court for the Southern District of New York has approved the request for a trial postponement. The court acknowledges the uncertainties surrounding Do Kwon’s extradition from Montenegro, despite his representation that he has consented to it. The SEC has also agreed to the extension and supports a court date in mid-April to consolidate the trials of Do Kwon and Terraform Labs into a single proceeding. This delay will allow Do Kwon’s legal team enough time to complete the extradition process and be present for his trial in the United States.
Hot Take: Trial Delayed for Do Kwon in Terraform Labs Case
The trial of former Terraform CEO, Do Kwon, has been postponed until March, as approved by the SEC and the court. This decision takes into account the need for his extradition from Montenegro, where he is currently in prison. The trial relates to the collapse of TerraLUNA and TerraUSD, and Do Kwon is facing charges of fraud and other offenses. Originally scheduled for January, the trial has been rescheduled to March to allow for sufficient time for Do Kwon’s arrival in the United States and to ensure that both Do Kwon and Terraform Labs are tried together. The delay will also give his legal team ample time to wrap up the extradition proceedings.
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