- Kwon wants his US trial delayed (Jan 29 to Mar 2024)
- He insists on attending in person & blames unforeseen delays.
- Optimism for March return, but urgency acknowledged.
Well, this is an interesting development!
Do Kwon, co-founder of Terraform Labs, has requested a postponement of his trial in the United States District Court, shifting the original date from January 29 to March 2024. The basis for this request lies in the intricate extradition challenges Kwon faces in Montenegro, where he seeks to address these issues to ensure his presence at the trial.
Will it be granted – that’s something to delve deeper into. Read on!
Understanding the Legal Moves
Formally submitted by Do Kwon’s legal team, a letter dated January 11 outlines their plea to the United States District Court for a trial delay until March 2024. The document emphasizes Kwon’s strong desire to actively participate in the proceedings, citing unforeseen delays in the Montenegro extradition process as the primary cause for the strategic decision.
The January 11 letter from Kwon’s legal representatives underscores his determination to be physically present at the trial. It details the complexities of the Montenegrin extradition proceedings, leading to the unexpected delays that prompted the strategic request for a trial postponement.
Read More: US SEC Battle Against Terra and Do Kwon Takes a Turn with Judge Rakoff’s Decision
Urgency and Optimism – The Perfect Balance!
Acknowledging the urgency surrounding the trial, Kwon’s legal team remains optimistic about his return by March. While recognizing that the court cannot indefinitely keep the trial open, they advocate for a postponement until mid-March, presenting a realistic opportunity for Kwon’s participation.
Background Context
In a significant development in February 2023, the SEC charged Do Kwon with fraud, alleging his involvement in a multi-billion dollar crypto-securities fraud linked to the collapse of Terraform Labs’ digital currencies TerraClassicUSD (USTC) and Terra Luna Classic (LUNC).
Montenegro’s Appellate Court introduced a pivotal twist in Kwon’s extradition process, citing a “serious violation of legal grounds” by the high court. Consequently, the case was remanded for retrial at the Vurst High Basic Court in Podgorica.
Also Read: Ripple CLO Stuart Alderoty Weighs In on Terraform Labs Ruling Impact
As the appeal is pending with the court, the community is watching to see what will happen next in this high-profile case concerning the crypto industry.
