Terraform Labs co-founder, Do Kwon, has requested the United States District Court to postpone his trial date until March, citing extradition challenges in Montenegro as the reason for seeking the delay.
In a letter dated January 11 addressed to U.S. District Judge Jed Rakoff, Kwon’s legal team emphasized his interest in attending the trial personally, which is scheduled for January 29. However, they had anticipated that Kwon would have already been permitted to return to the U.S. by now:
“Mr. Kwon wishes to attend his trial. Counsel had hoped the extradition proceedings in Montenegro would proceed more quickly than they have.”
CRYPTO IN THE COURTS: Do Kwon Wants to Attend SEC Terraform Labs Trial So He Asks to Delay It to Mid March for Extradition – Inner City Press story: https://t.co/R3mq5kcsYs Full filing on Patreon here https://t.co/rQd294gK8k pic.twitter.com/3d525J8B4p
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In February 2023, the SEC filed fraud charges against Kwon, accusing him of having a role in orchestrating a multi-billion dollar crypto-securities fraud.
The charges were related to the collapse of Terraform Labs’ stablecoin TerraClassicUSD (USTC) and its associated crypto token, Terra Luna Classic (LUNC).
While recognizing the urgency of the trial, Kwon’s legal team indicated that this month’s trial date would not be feasible for him to attend.
“We understand the Court cannot put the trial on hold indefinitely, but an adjournment until mid-March would provide a realistic possibility for Mr. Kwon to attend,” the letter stated.
In December 2023, Cointelegraph reported that the Appellate Court of Montenegro ruled to annul the decision of the High Court of Podgorica approving Kwon’s extradition to either the U.S. or South Korea.
This follows reports only a week earlier that US and South Korea authorities were requesting that Kwon be held for an additional two months following the conclusion of his sentence.
Kwon was arrested in Montenegro in March 2023 after attempting to use falsified travel documents to leave the country.