Former Terra CEO Requests Trial Delay in US
Do Kwon, the former CEO of Terra, has formally requested a postponement of his trial in the United States. The trial addresses charges brought by the US Securities and Exchange Commission (SEC). However, slower extradition proceedings from Montenegro than anticipated have potentially caused a delay.
Reasons for Adjournment Request
In a letter to Judge Jed S. Rakoff, Kwon’s legal team outlined the situation and reasons for the delay request. They stated that Kwon is not likely to be extradited until February or March at the earliest. The letter further emphasized that an adjournment until mid-March would provide a realistic possibility for Kwon to attend the trial.
Kwon’s legal team also prepared for the scenario where the trial proceeds without Kwon’s presence. They intend to ask the court to provide an instruction to the jury that is not unduly prejudicial to him.
Importance of Kwon’s Participation
Kwon’s request for a delay highlights his desire to participate in his trial, which could be crucial for the defense’s strategy.
Extradition Order Overturned in Montenegro
A recent development in Montenegro saw the extradition order for Kwon overturned due to procedural errors and ambiguities. The case has been sent back to the Supreme Court for further review. Until a resolution is reached, Kwon remains in detention in Montenegro, with authorities extending his hold until mid-February.
SEC Charges Against Terra and Kwon
The SEC has charged Kwon and Terraform Labs with conducting a multi-billion dollar crypto asset securities fraud. The complaint alleges that they raised funds through unregistered transactions and misled investors about the tokens’ value. The SEC also accuses them of falsely marketing UST as a high-interest stablecoin. The collapse of UST’s price in May 2022 led to significant losses for investors.
Hot Take: Do Kwon Requests Trial Delay Amidst Extradition Delays
Former Terra CEO Do Kwon has formally requested a delay for his trial in the US, citing slower-than-expected extradition proceedings from Montenegro. In a letter to the judge, Kwon’s legal team highlighted the importance of his participation in the trial and requested an adjournment until mid-March to allow for this possibility. They also prepared for the scenario where the trial proceeds without Kwon’s presence.
This request follows the overturning of the extradition order due to procedural errors and ambiguities. Until a resolution is reached, Kwon remains in detention in Montenegro. The SEC charges against Kwon and Terraform Labs involve allegations of conducting a multi-billion dollar crypto asset securities fraud and misleading investors about the tokens’ value. The collapse of UST’s price in May 2022 resulted in significant losses for investors.
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