It was recently reported that it was created by Do-kwon Kwon, co-founder of Terraform Labs. News They requested that the U.S. trial, currently scheduled to be held on January 29, be postponed to mid-March. The reason for this request is that it has become difficult to attend the trial in person due to the ongoing extradition problem in Montenegro.
In February 2023, the U.S. Securities and Exchange Commission (SEC) designated Mr. Kwon as the owner of Terraform Labs’ stablecoin TerraUSD (USTC) and Terra (LUNA) tokens. This charge was brought against Mr. Kwon. The collapse of these cryptocurrencies had a significant impact on the digital asset market. Kwon’s role in the alleged multibillion-dollar fraud received a lot of attention due to the fact that it was one of the largest losses in the cryptocurrency industry.
In a letter to Judge Jed Rakoff, the legal team representing Kwon emphasized the importance of Kwon’s desire to be present throughout the trial. On the other hand, as Montenegro’s extradition process took longer than expected, his return to the United States became more difficult. The defense team believes that postponing the defense until mid-March will provide a reasonable opportunity for him to appear.
The Montenegrin Court of Appeals ruled in December 2023 invalidating the decision of the Podgorica High Court approving extradition of Mr. Kwon to the United States or South Korea. This decision is part of the complexities surrounding Kwon’s extradition status. This occurred as rumors circulated that the US and South Korean authorities were seeking to extend Kwon’s imprisonment after his sentence was completed.
This high-profile case is further complicated by the fact that Kwon was arrested in Montenegro in March 2023 on charges of using fake travel documents. His extradition is being actively pursued in both the United States and South Korea, raising the prospect that Kwon could be subject to multiple terms in both countries.
This request to postpone the trial not only demonstrates the legal complexities facing Kwon, but also highlights the larger hurdles and international dimensions of legal issues related to the Bitcoin sector. Despite the fact that Kwon’s case is being investigated in multiple countries, it continues to be an important example of the far-reaching impact of regulatory and legal scrutiny in the cryptocurrency industry.
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