Terra Legal Update : Do Kwon Seeks March Trial Date Amid Extradition Hurdles

The post Terra Legal Update : Do Kwon Seeks March Trial Date Amid Extradition Hurdles appeared first on Coinpedia Fintech News

Do Kwon, the co-founder of Terraform Labs, has requested a postponement of his trial in the United States District Court until March. The delay is attributed to ongoing extradition challenges faced by Kwon in Montenegro, as he seeks to resolve these issues to ensure his presence at the trial.

Delay Due To Extradition Challenges 

Do Kwon’s legal team has formally asked the United States District Court to postpone his trial date which was originally set for January 29, until March 2024. 

The primary reason behind this request is the extradition challenges Do Kwon is currently navigating in Montenegro. In a letter dated January 11, Kwon’s legal representatives highlighted his strong desire to attend the trial personally. However, unforeseen delays in the Montenegro extradition proceedings have led to this strategic request.

Kwon’s legal team pleaded in a letter dated January 11 about his strong wish to appear in person at the trial. However, Montenegrin extradition proceedings have produced this request for a strategic delay in the trial that was unforeseen.

Kwon’s Return Predicted

Keeping in mind the great urgency of the trial, Kwon’s legal team remain optimistic that he will be back by March. They agree that the court can’t keep the trial open forever. However, they argued that if the trial could be postponed until the middle of March, then there would indeed be a realistic possibility for Kwon to go.

Background

In February 2023, the SEC charged Do Kwon with fraud, alleging his involvement in a multi-billion dollar crypto-securities fraud tied to the collapse of Terraform Labs’ digital currency TerraClassicUSD (USTC) and Terra Luna Classic (LUNC). 

Montenegro’s Appellate Court reversed a crucial part of Kwon’s extradition process, citing a “serious violation of legal grounds” by the high court. Consequently, the case was sent for retrial at the Vurst High Basic Court in Podgorica.

Conclusion

This request is the first action to postpone his trial, giving us a glimpse into the maze of legal currents he is navigating. Extradition procedures are particularly complicated, but Do Kwon says he is set on fighting it. When Do Kwon’s trial in Podgorica is pending before the High Basic Court, the decision on his trial-delay motion might be known. 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.