The trial of the former Terraform Labs CEO has been postponed to late March after his lawyer said he faces challenges to get him out of Montenegro where he is being held on a prior conviction.
Do Hyung-kwon, who was indicted by the SEC in February over the collapse of the algorithmic stablecoin Terra USD, faces a jury trial on the fraud allegations that was originally scheduled for January 29.
US Judge Jed Rakoff said: “Although Kwon has confirmed that he has agreed to be extradited from Montenegro, where he is currently detained, there is no absolute guarantee that he will be released in time to appear at trial in late March.” The District Court for the Southern District of New York in the case to request Tuesday.
Rakoff continued: “However, the court will respond to his lawyers’ request given their explicit admission that the trial cannot be postponed further,” setting a new date for the trial on March 25.
Previous conviction in Montenegro
Kwon’s lawyers requested this Postpone The trial is set for January 11, and he said the former CEO was unlikely to be extradited until February or March at the earliest.
“While Mr. Kwon, through his lawyer in Montenegro, made every effort to have him extradited from Montenegro as quickly as possible, the process was slow and further complicated by conflicting requests and the fact that Mr. Kwon was serving a prison sentence,” Kwon’s lawyer said in a note to the court. In Montenegro for his conviction on local charges there.”
It was Kwon Arrested In March last year at an airport in Montenegro for trying to travel with forged documents.
Rakov side with the Securities and Exchange Commission last month in its allegation that Kwon and Terraform Labs offered and sold unregistered securities. Rakoff granted the SEC summary judgment on that claim, while also siding with Terraform “on claims involving the offering and execution of transactions in security-based swaps,” according to a filing. to request Submitted in December.
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