Do Kwon Seeks Delay in SEC Trial
Do Kwon, former CEO of Terra, has requested a postponement of his trial with the US Securities and Exchange Commission (SEC) to allow him to attend. The delay is due to uncertainties surrounding his extradition process from Montenegro.
Extradition Delays
Kwon’s legal team has submitted documents stating that his extradition is experiencing delays, estimating that he may not arrive in the US until February or March. As a result, they have asked for a postponement of the trial, which was originally scheduled for the end of January.
Possible Scenario
If the court rejects the request for a delay, Kwon’s lawyers propose advising the jury not to view his absence and inability to testify as unfairly prejudicial to his case.
Legal Contention
Kwon’s extradition has been a source of legal dispute. The Appeals Court in Montenegro ordered a retrial due to procedural discrepancies, challenging the high court’s decision to extradite him. The final decision on extradition lies with the Montenegrin Minister of Justice.
Attention in the Crypto Community
The case has attracted attention in the cryptocurrency community, with speculation about potential corruption influencing Kwon’s extradition proceedings in Montenegro.
Fraud Allegations and Collapse of Terra
Kwon faces allegations of fraud related to the collapse of TerraUSD (UST) and LUNA tokens, resulting in significant losses for the crypto community.
Extradition Process
In late November, Montenegro’s highest court approved Kwon’s extradition, but the decision regarding his final destination (US or South Korea) rests with the Minister of Justice. Kwon’s detention in Montenegro has been extended.
Summary Judgments and SEC Actions
In the US, both Kwon and the SEC have requested summary judgments in their legal dispute, arguing that the other party has failed to provide substantial evidence. The SEC has referenced the Terraform case in its ongoing actions against Binance and Coinbase.
Hot Take: Do Kwon’s Extradition Delay Raises Questions About Trial Timing
Do Kwon’s request for a delay in his SEC trial due to extradition uncertainties raises questions about the timing of the proceedings. The legal contention surrounding his extradition process adds another layer of complexity to the case. The cryptocurrency community is closely following these developments, with speculation about potential corruption influencing the outcome. As both sides seek summary judgments, it remains to be seen how the trial will unfold and what impact it may have on future regulatory actions within the crypto industry.
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