Do Kwon Seeks Trial Postponement Amid Extradition Delays from Montenegro
Summary:
Terraform Labs co-founder, Do Kwon, has requested to delay his trial date until March due to slow extradition processes in Montenegro. He was expected to face charges by the SEC of a multi-billion-dollar crypto-securities fraud tied to the collapse of Terraform Labs' crypto products. His defense stated that the current trial date won't permit Kwon to be personally present and proposed a mid-March reschedule. Kwon, who was arrested in Montenegro in 2023 for using counterfeit travel documents, may face multiple sentences as both the U.S. and South Korea seek his extradition.
Do Kwon, co-founder of Terraform Labs, has petitioned the U.S. District Court to consider rescheduling his upcoming trial until March due to obstacles in his extradition from Montenegro. In a letter authored on January 11 that was delivered to U.S. District Judge Jed Rakoff, Kwon's defense team stressed his keenness to be present at his trial, which was initially slated for January 29. The team expressed their unexpected surprise at the slow pace of the extradition proceedings in Montenegro, having expected Kwon's return to the U.S. by this time.
In February 2023, the SEC accused Kwon of participating in a huge crypto-securities fraud, leading to a multi-billion-dollar deceit charge. The charges tied Kwon to the fall of TerraClassicUSD (USTC), a stablecoin managed by Terraform Labs and the associated crypto token, Terra Luna Classic (LUNC). Despite acknowledging the urgency of the trial, Kwon's legal team hinted that the current January trial date restricts Kwon's ability to attend personally. The document submitted proposes a postponement until mid-March.
In related news, as reported by Cointelegraph in December 2023, Montenegro's Appellate Court overturned the High Court of Podgorica’s decision to permit Kwon’s extradition to the U.S. or South Korea. This move comes in response to the demands made by the U.S. and South Korea for Kwon's extended detention for an extra two months post his sentence conclusion. Both nations are keen to extradite Kwon. Ongoing speculation suggests that Kwon might face multiple sentences in these countries. It's worth noting that Kwon was arrested in Montenegro in March 2023 under charges of using fake travel documents to exit the nation.
Published At
1/13/2024 7:32:04 AM
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