Terra Legal Update: Do Kwon Pursues March Trial Date Despite Extradition Obstacles

Do Kwon, one of the co-founders of Terraform Labs, has formally requested a delay in his trial in the United States District Court until March. The reason behind this postponement is the ongoing challenges he is facing in Montenegro regarding his extradition. Kwon’s legal team has emphasized his strong desire to personally attend the trial, but the unexpected delays in the Montenegro extradition proceedings have led to this strategic request.

In a letter dated January 11, Kwon’s legal representatives expressed his strong wish to appear in person at the trial. However, due to complications in the Montenegrin extradition process, they have requested a delay in the trial that was unforeseen.

Despite the urgency of the trial, Kwon’s legal team remains hopeful that he will be able to return by March. They acknowledge that the court cannot keep the trial open indefinitely, but argue that a postponement until mid-March would provide a realistic opportunity for Kwon to be present.

The background of the case involves the Securities and Exchange Commission (SEC) charging Kwon with fraud in February 2023. The allegations accuse him of being involved in a multi-billion dollar crypto-securities fraud related to the collapse of Terraform Labs’ digital currencies, TerraClassicUSD (USTC) and Terra Luna Classic (LUNC).

In a significant development, Montenegro’s Appellate Court overturned a crucial part of Kwon’s extradition process, citing a “serious violation of legal grounds” by the high court. As a result, the case has been sent for retrial at the Vurst High Basic Court in Podgorica.

This request for a trial delay provides insight into the complex legal challenges Kwon is currently navigating. Extradition procedures can be highly intricate, but Kwon is determined to fight it. The decision on his trial-delay motion will likely be revealed while his trial in Podgorica is pending before the High Basic Court. As the appeal is still with the court, the crypto industry and the community are eagerly following this high-profile case to see what unfolds next.

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