In a recent legal development, Do Kwon, the former CEO of Terra, has requested that his trial in the United States be postponed.
The trial, which is centered on charges brought by the US Securities and Exchange Commission (SEC), could be delayed due to Kwon’s extradition from Montenegro.
Kwon’s legal team informed Judge Jed S. Rakoff in a letter that the extradition process from Montenegro is moving more slowly than expected.
Kwon’s lawyers believe he will not be extradited until February or March, prompting a request to postpone the trial until mid-March to allow him to attend.
If the court does not grant the extension, they are requesting that precautions be taken to prevent the jury from being unfairly influenced against Kwon.
Recent developments in Montenegro have complicated Kwon’s extradition. A Montenegrin court found errors in the initial extradition order, prompting a re-examination of the case. As a result, Kwon will be detained in Montenegro until at least mid-February.
The SEC has filed formal charges against Terraform Labs and Do Kwon, accusing them of orchestrating a large crypto fraud scheme.
The charges stem from the alleged sale of unregistered crypto assets between 2018 and 2022. According to the SEC, Terraform Labs and Kwon misled investors about the value and stability of their tokens, resulting in a significant market crash in May 2022.
