Former Terra Co-Founder Requests Trial Delay
Do Hyeong Kwon, co-founder of Terraform Labs and former chief of Terra, has filed a request to delay his trial with the Securities and Exchange Commission (SEC) in the US. Kwon is currently awaiting extradition and argues that a delay until mid-March would allow him to attend the trial. If his request is denied, Kwon plans to ask the court to provide an instruction to the jury explaining his absence and inability to testify without causing prejudice.
Extradition Canceled in Montenegro
In December, the appeals court in Montenegro canceled Kwon’s approved extradition to South Korea and the US. However, the SEC trial against Kwon and Terraform Labs is still scheduled for January 29th.
SEC Charges Against Terraform Labs
The SEC charged Terraform Labs and Kwon in February 2022 over their algorithmic stablecoin TerraUSD, which collapsed in May 2022. The agency alleges that Kwon and Terraform orchestrated a “multi-billion dollar crypto asset securities fraud.” South Korean prosecutors have also accused them of similar charges.
Kwon’s Arrest in Montenegro
Kwon was arrested in March last year at a Montenegrin airport for attempting to travel with forged documents.
Hot Take: Former Terra Co-Founder Requests Trial Delay Amid Extradition Uncertainty
Former Terra co-founder Do Hyeong Kwon has asked for a delay in his SEC trial as he awaits extradition. The court will decide whether to grant his request, allowing him to attend the trial. If denied, Kwon plans to request an instruction for the jury that explains his absence without bias. This development comes after Kwon’s approved extradition was canceled by the appeals court in Montenegro. The SEC trial against Kwon and Terraform Labs is still scheduled for January 29th. Kwon and Terraform Labs face charges of crypto asset securities fraud over the collapse of their stablecoin, TerraUSD.
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