The Trial of Former Terraform Labs CEO Delayed
The trial of the former CEO of Terraform Labs, Do Hyeong Kwon, has been postponed to late March due to challenges in getting him out of Montenegro, where he is currently held on a prior conviction. Kwon was charged by the Securities and Exchange Commission (SEC) in February over the collapse of algorithmic stablecoin Terra USD. Originally scheduled for January 29, the jury trial on fraud claims will now take place on March 25.
A Previous Conviction in Montenegro
Kwon’s lawyers requested a postponement of the trial on January 11, stating that he would likely not be extradited until February or March. Kwon is currently serving a sentence in Montenegro for his conviction on local charges after being arrested in March last year for attempting to travel with forged documents. The SEC has already obtained summary judgment on its claim that Kwon and Terraform Labs offered and sold unregistered securities.
Hot Take: Challenges and Delays Surrounding Kwon’s Trial
The trial of Do Hyeong Kwon, the former CEO of Terraform Labs, has faced numerous challenges and delays. Held in Montenegro on a prior conviction, Kwon’s extradition process has been slow and complicated. Despite his representation that he consents to extradition, there is no guarantee of his release in time for the late March trial. However, the court has decided to accommodate his counsel’s request to avoid further postponements. This case highlights the complexities involved in cross-border legal proceedings and the impact they can have on the timeline of trials.
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