Former Terra CEO, Do Kwon, Seeks Trial Delay in SEC Case
Do Kwon, the former CEO of Terra, is currently detained in Montenegro and awaiting extradition to the United States. His lawyers are requesting a delay in the trial against him by the United States Securities and Exchange Commission (SEC) in order for Kwon to participate and testify in his defense.
The Extradition Process and Trial Date
Kwon’s lawyers have stated that the extradition procedures in Montenegro are taking longer than expected, and they believe he will not be able to be present at the trial before February or March. The trial is currently scheduled to begin at the end of January.
Court Decision on Delay Request
The request to delay the trial until Kwon’s extradition has been sent to the court for approval or denial. If the court denies the request, Kwon’s attorneys have requested that the jury be instructed so that his absence and inability to testify are not unduly prejudicial to him.
Access to Terraform Labs Documents
In April 2023, a US judge rejected Kwon’s request to block access to SEC documents related to Terra in Singapore. The SEC is investigating whether the UST stablecoin should be classified as an unregistered security rather than a digital currency. The SEC wanted to examine Terra’s activities in Singapore, where it has partnerships with important financial institutions.
Hot Take: Do Kwon’s Fight Against SEC Continues
Former Terra CEO, Do Kwon, is facing a legal battle with the SEC as he awaits extradition from Montenegro. His lawyers are fighting for a delay in the trial so that he can participate and testify in his defense. However, with uncertainty surrounding the timing of his extradition, it remains to be seen whether Kwon will be able to attend the trial in the US. The court’s decision on the delay request will determine the next steps in this ongoing case. Meanwhile, the SEC continues its investigation into Terra’s activities and classification of its stablecoin.
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