Terraform Labs co-founder Do-Hyung Kwon’s U.S. Securities and Exchange Commission (SEC) trial on fraud charges will likely not begin on March 25 due to delays in his extradition, Reuters quoted Kwon’s lawyer as saying. reported.
Kwon’s attorney, David Patten, said in a letter filed Monday in federal court in New York that the former Terra leader is not seeking to delay the trial date. Reuters It has been reported. Mr. Kwon used to expressed desire The trial, originally scheduled for January to March, was postponed in order to attend the trial in person.
Kwon’s Montenegrin lawyer, Goran Rodic, reportedly said in a declaration attached to Patton’s letter that proceedings in Montenegro had been delayed due to “numerous unexpected mistakes” by local lower courts.
Last week, Montenegro’s High Court made a decision To extradite Kwon to the United States against his wishes to extradite him to Korea. Roddick said Kwon would appeal the ruling, arguing that the court’s decision was based on misinformation that the United States had requested extradition before South Korea. Mr. Kwon was arrested at the Montenegro airport in March last year on charges of trying to travel with forged documents.
that much US SEC prosecution Kwon and Terraform Labs are accused of fraud for raking in billions of dollars from investors by “offering and selling interconnected cryptocurrency asset securities and, in many cases, unregistered transactions.” Kwon denied the SEC’s claims.
Kwon and Terraform Labs’ Terra-Luna cryptocurrency project was shut down in May 2022, resulting in the loss of approximately $40 billion in investor assets in a matter of days.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.