Do Kwon's trial in the US on March 25, agreed to extradition

There will be no further delays in the process, even if Montenegro does not extradite the South Korean citizen by then

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Do Kwon, Photo: Boris Pejović
Do Kwon, Photo: Boris Pejović
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

A US federal judge on Tuesday delayed the Securities and Exchange Commission's (SEC) trial against Terraform Labs and its co-founder Do Kwon over an alleged $40 billion cryptocurrency scam to allow time for Do Kwon's extradition and attended the process, reports Reuters.

Manhattan District Judge Jed Rakoff adjourned the trial to March 25, with no further delays in the process, even if Montenegro does not extradite the South Korean citizen to the United States.

"Despite Kwon's statement that he agreed to his extradition from Montenegro, where he is currently located, there is no absolute guarantee that he will be released on time," wrote Rakof. "Nevertheless", the judge added, "the court will grant his counsel's request, given their express acknowledgment that the trial cannot be delayed any further."

The SEC also agreed to a delay. The commission's civil suit against Terraform and Kwon stems from the collapse of TerraUSD, a "stable money" designed to maintain a constant price of one dollar, and the more traditional Luna token, which was closely related to TerraUSD.

Both cryptocurrencies are estimated to have lost around $40 billion or more when TerraUSD failed to hold the $2022 price in May XNUMX.

The SEC said that Terraform and Do Kwon misled investors about the stability of TerraUSD and that the popular Korean mobile payment app used the Terraform blockchain to settle transactions.

Do Kwon is in custody in Montenegro, where he was arrested last March. In the meantime, he was sentenced to four months in prison for forging a document. He also faces related US criminal charges and an extradition request from his native South Korea.

Last month, Rakof ruled that Terraform and Do Kwon violated US law by failing to register TerraUSD and Luna.

The Court of Appeals announced last month that, after the panel session on December 14, it issued a decision upholding the appeal of Do Kwon's defense attorneys and annulling the decision of the Higher Court in Podgorica from November 17, and returning the case to the first instance court for retrial and decision.

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