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Terra Founder Do Kwon’s SEC Trial to Start Without Him Amid Extradition Delay

Kwon, a co-founder of Terraform Labs, is anticipated to be absent at the onset of his trial with the US Securities and Exchange Commission (SEC) on fraud charges due to extradition delays from Montenegro. Originally scheduled to commence last month, the trial has been rescheduled for March 25 at Kwon’s request.

The SEC initiated a lawsuit against Terraform Labs and its founders in February 2023, alleging their participation in the May 2022 downfall of the TerraUSD (UST) and Luna (LUNA) cryptocurrencies. Authorities approximate that this event led to approximately $40 billion in losses across crypto markets.

Do Kwon Not Seeking Postponement of Trial Date

According to Reuters, Kwon’s attorney, David Patton, submitted a letter to federal court in Manhattan affirming that Kwon would not seek a trial postponement, regardless of the status of the extradition process.

The SEC asserts that Terraform Labs and Kwon provided false information to investors regarding the stability of UST, a stablecoin intended to maintain a steady $1 value.

Furthermore, the lawsuit alleges misrepresentation regarding the utilization of the Terraform blockchain for transaction settlements by a popular Korean mobile payment application.

Despite the accusations, Terra’s founder maintains his innocence and faces separate criminal charges in the United States. He has remained in custody in Montenegro since his arrest in March 2023.

Do Kwon Extradited to US over South Korea

As previously reported, a court in Podgorica, Montenegro, has ruled in favor of extraditing Kwon to the United States, despite his preference for extradition to his native South Korea.

However, Terra’s founder is appealing the ruling, with his local lawyer, Goran Rodic, arguing that it was based on “inaccurate information” regarding the sequence of extradition requests’ arrival.

Kwon’s lawyer had previously asserted that according to the constitution, Kwon should be extradited to South Korea rather than the USA.

In a statement attached to Patton’s letter, Rodic expressed his belief that Kwon’s extradition would not take place before the end of March due to “unforeseen errors” made during the Montenegrin court proceedings.

Previously, in December 2023, U.S. District Judge Jed Rakoff, overseeing the SEC case, determined that Terraform Labs and its founder had violated US law by neglecting to register UST and LUNA.

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