Do Kwon Seeks to Delay SEC Trial Amid Extradition Uncertainty

• The Terra Luna founder won’t have the ability to seem within the U.S. in March.
• Kwon’s authorized workforce proposes that his absence shouldn’t be thought-about unduly prejudicial.
• The sluggish progress in Montenegro’s extradition will stop Do Kwon from showing within the U.S. trial.

In a strategic transfer, Do Kwon, the founding father of Terraform Labs (TFL), is trying to postpone the approaching trial with the U.S. Securities and Alternate Fee (SEC) till his extradition proceedings from Montenegro are finalized. 

Kwon’s authorized workforce has formally requested the U.S. court docket delay the trial, citing uncertainty concerning the timeline of his extradition. The requisition was communicated by way of a submitting dated January 11 to U.S. District Decide Jed S. Rakoff. Legal professional Matthew Russell of Interior Metropolis Press known as consideration to the transfer in a current assertion on X.

Within the submitting, the authorized workforce emphasised  Kwon’s want to attend the U.S. trial. Nevertheless, the request revealed that the extradition course of in Montenegro is progressing slower than anticipated. In consequence, Kwon’s authorized representatives estimate that the disgraced Terra Luna founder would possibly solely have the ability to seem within the U.S. in February or March on the earliest. 

Moreover, Kwon’s counsel proposes that if the court docket rejects the plea for postponement, the jury be told that his absence shouldn’t be thought-about unduly prejudicial to him.

The U.S. trial is scheduled to begin on the finish of January, creating a decent timeline for Kwon’s potential participation. The authorized maneuver comes amid a backdrop of issues within the extradition course of.

In March 2023, the co-founder of Terraform Labs confronted arrest in Montenegro on prices of using cast journey paperwork. Consequently, he was handed a four-month jail sentence.

The extradition proceedings for Kwon have encountered delays as his authorized workforce appealed the choice of a Montenegro excessive court docket, which had initially dominated in favor of deporting him to both the U.S. or South Korea. The Appeals Courtroom intervened, mandating a retrial for procedural points.