The Terraform Labs Case: Do Kwon’s Legal Team Seeks Trial Delay in U.S. Court

The Terraform Labs Case: Do Kwon’s Legal Team Seeks Trial Delay in U.S. Court

Crypto News – The defense team for Do Hyeong Kwon, co-founder and ex-CEO of Terra LUNA form Labs, has filed a motion in a U.S. court requesting a postponement of his upcoming trial with the Securities and Exchange Commission (SEC). This development was first reported by Inner City Press in a recent Thursday filing.

According to the submission, it’s unlikely that Kwon will be extradited before February or March. The defense argues that adjourning the trial until mid-March would feasibly allow for Kwon’s presence. Should the court decline this request, Kwon’s team plans to ask for a jury instruction that clearly explains his absence and inability to testify, ensuring that it does not unfairly prejudice the jury against him.

This move comes after a December ruling by a Montenegrin appeals court, which overturned the decision to extradite Kwon to South Korea and the United States. Meanwhile, the SEC’s trial against Kwon and Terraform Labs is slated for January 29.

The SEC’s charges against Terraform Labs and its former CEO date back to last February, focusing on the collapse of their algorithmic stablecoin, TerraUSD, in May 2022. The agency has accused Kwon and his company of engineering a multi-billion dollar fraud involving crypto assets. Parallel to this, South Korean prosecutors have leveled similar allegations against Kwon and associated parties of Terra.

Kwon’s legal troubles escalated last March when he was apprehended at an airport in Montenegro, attempting to travel with forged documentation.