Do Kwon Requests Postponement of SEC Fraud Case Trial, Citing Obstacles in Extradition

An intriguing development has emerged in the case of Do Kwon, co-founder of Terraform Labs. Kwon has requested a delay in his trial in the United States District Court, pushing the original date from January 29 to March 2024. This request is based on the complex challenges Kwon faces in his extradition proceedings in Montenegro, where he aims to address these issues to ensure his presence at the trial.

The request, formally submitted by Kwon’s legal team on January 11, highlights his strong desire to actively participate in the proceedings. It explains that unforeseen delays in the Montenegro extradition process have prompted the strategic decision to seek a trial postponement.

Recognizing the urgency of the trial, Kwon’s legal team remains optimistic that he will be able to return for the trial by March. They understand that the court cannot keep the trial open indefinitely but advocate for a postponement until mid-March, presenting a realistic opportunity for Kwon’s participation.

This development comes after Do Kwon was charged with fraud by the SEC in February 2023, with allegations of his involvement in a multi-billion dollar crypto-securities fraud linked to the collapse of Terraform Labs’ digital currencies, USTC and LUNC. The appeal in Montenegro’s Appellate Court has introduced a crucial twist in Kwon’s extradition process, leading to a retrial at the Vurst High Basic Court in Podgorica due to a “serious violation of legal grounds” by the high court.

As the appeal remains pending, the crypto industry and the community eagerly await the next steps in this high-profile case.