Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
Home»ADOPTION NEWS»SEC agrees to postpone Terraform Labs trial pending extradition of Do Kwon
ADOPTION NEWS

SEC agrees to postpone Terraform Labs trial pending extradition of Do Kwon

By Crypto FlexsJanuary 16, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
SEC agrees to postpone Terraform Labs trial pending extradition of Do Kwon
Share
Facebook Twitter LinkedIn Pinterest Email

The U.S. Securities and Exchange Commission (SEC) has agreed to delay the trial of Terraform Labs and its co-founder Do Kwon pending Mr. Kwon’s extradition. This is according to a filing filed by the SEC with the U.S. District Court for the Southern District of New York on January 15, 2024. The trial, originally scheduled to begin on January 29, is now proposed to begin on March 18, 2024.​​​​.

Kwon, who is currently in Montenegro following his arrest in March 2023, is accused of facilitating a $40 billion cryptocurrency fraud. The SEC, fully prepared to proceed with the trial, joined Kwon’s legal team and requested a postponement to ensure his participation in the trial. The Terraform Labs co-founder’s legal team, which handles the complexities of extradition, suggested Kwon could arrive in the United States by mid-March. If the trial is postponed, the SEC has requested that the trial begin on April 15, 2024.​​​​.

The charges against Terraform Labs and Kwon stem from the collapse of TerraUSD. stablecoin Luna is a closely linked token designed to maintain a constant price of $1. Both cryptocurrencies suffered catastrophic losses in May 2022 when TerraUSD failed to maintain its peg, resulting in a market loss of over $40 billion. This event marked a severe downturn in the cryptocurrency market that year and had far-reaching implications for the industry.​​​.

Additionally, Terraform Labs and Kwon were accused of misleading investors about the stability of TerraUSD and its usage in South Korea’s popular mobile payment app. In addition to the SEC’s civil suit, Mr. Kwon has also faced criminal charges in the U.S. and is also receiving an extradition request in Korea. The outcome of this trial could have a significant impact on the regulatory environment for cryptocurrencies, given the scale of the alleged fraud and the involvement of multiple international jurisdictions.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

XRP Open Interests decrease by $ 2.4B after recent sale

July 30, 2025

KAITO unveils Capital Launchpad, a Web3 crowdfunding platform that will be released later this week.

July 22, 2025

Algorand (Algo) Get momentum in the launch and technical growth.

July 14, 2025
Add A Comment

Comments are closed.

Recent Posts

Succinct, The First Decentralized Prover Network, Launches On Mainnet

August 5, 2025

ONyc Launches On Kamino, Unlocking Real-World Yield And Collateral Utility In Solana DeFi

August 5, 2025

Your Best Choice For Security, Efficiency, And Transparency

August 5, 2025

The expansion of the Bitpanda Eyes market strikes record profitability

August 5, 2025

Bitfinex Alpha | While the market is waiting for the catalyst, BTC is integrated and leverage falls.

August 4, 2025

Apu Is Now Live For Trading On Hyperliquid

August 4, 2025

Mara raises hashrates, reaches 50K Bitcoin, and plans to expand

August 4, 2025

Bybit Expands USDT0 Support To HyperEVM, Corn, And Berachain — Unlocking Seamless Stablecoin Access Across Ecosystems

August 4, 2025

Credix Hack adds $ 3.1 billion in defect loss in 2025, depending on Multisig Oblures Surge.

August 4, 2025

Bybit’s Ben Zhou Invites Community To Rewrite Their Own Success In Mid-Year Keynote Livestream

August 4, 2025

Bitcoin has taken 3%of Trump tariffs and $ 75 million in Longs.

August 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Succinct, The First Decentralized Prover Network, Launches On Mainnet

August 5, 2025

ONyc Launches On Kamino, Unlocking Real-World Yield And Collateral Utility In Solana DeFi

August 5, 2025

Your Best Choice For Security, Efficiency, And Transparency

August 5, 2025
Most Popular

According to Sergey Nazarov, here’s how the blockchain industry can earn ‘hundreds of trillions’ of dollars.

October 30, 2024

Bitfinex Alpha | Bitcoin Trades in a Range, but Volatility Continues

April 14, 2024

zkSync’s Matter Labs faces backlash over “ZK” trademark efforts

May 31, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.