Trial of former Terraform Labs CEO Do Kwon postponed to March
The trial of the former CEO of Terraform Labs was postponed until late March after his lawyers said they were having difficulty getting him out of Montenegro, where he is being held on a prior conviction.
Dohyung Kwon, who was indicted by the Securities and Exchange Commission on charges of collapsing the algorithmic stablecoin Terra USD in February, is facing a jury trial on fraud charges that was originally scheduled for January 29.
U.S. Judge Jed Rakoff said, “Despite Mr. Kwon’s statement that he has agreed to be extradited from Montenegro, where he is currently detained, there is absolutely no guarantee that he will be released in time to appear for trial in late March.” The Southern District Court of New York Bespeak On Tuesday.
“Nevertheless, the court will grant his counsel’s request as it expressly recognizes that the trial cannot be postponed any further,” Rakoff continued, setting a new trial date of March 25.
Have a previous conviction in Montenegro
What Attorney Kwon Requested Adjourn At the trial on January 11, the former CEO said delivery would not be expected until February or March at the earliest.
“Mr. Kwon, through his lawyers in Montenegro, has made every effort to have him extradited from Montenegro as quickly as possible, but the process has been slow and further complicated by duel requests and the fact that Mr. Kwon is serving in the military,” Kwon’s lawyer said in a filing with the court. “He was sentenced in Montenegro for being found guilty on local charges in Montenegro,” the filing said.
Mr. Kwon be arrested He was charged with attempting to travel with false documents at a Montenegro airport in March last year.
Rakov both sides Allegations were filed with the SEC last month that Kwon and Terraform Labs offered and sold unregistered securities. Rakoff granted summary judgment to the SEC on those claims and sided with Terraform on “claims related to the offering and execution of security-based swap transactions.” Bespeak It was submitted in December.
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