In a recent development, Do Kwon, the embattled co-founder of Terraform Labs, has sought a trial adjournment due to extradition delays from Montenegro in the ongoing legal saga with the US Securities and Exchange Commission (SEC). The request, directed to the Honorable Judge Jed S. Rakoff of the United States District Court, underlines a complex intertwining of international law and high-stakes financial litigation.
Kwon’s legal team, responding to a court order dated December 29, 2023, articulated that extradition procedures in Montenegro are progressing slower than anticipated.
Do Kwon Petitions Court to Reschedule Trial
This delay has prompted a request for an adjournment of the trial, originally scheduled to commence at the end of January.
“Unfortunately, it now appears that Mr. Kwon is not likely to be extradited until February or March at the earliest.”
The team emphasized Kwon’s unwavering intention to attend his trial, notwithstanding the unforeseen procedural setbacks.
Meanwhile, the US District Court has granted a significant advantage to the SEC by permitting expert testimonies in its case against Terraform Labs and Kwon. The court denied Terraform Labs’ motion to exclude the testimony of the SEC’s experts, Dr. Bruce Mizrach and Dr. Matthew Edman, reinforcing the SEC’s stance in this high-profile case.
Read more: What Is the Howey Test and How Does It Impact Crypto?
The Montenegro Saga
Montenegro’s legal proceedings have also added another layer of complexity to Kwon’s situation. Last month, the Montenegro court revoked the extradition orders following Kwon’s appeal. This decision, while adding a procedural delay, also speaks to the intricate legal dynamics at play involving multiple jurisdictions.
Kwon’s legal challenges have been the center of attention since his arrest in Podgorica, Montenegro. The extended custody and ongoing dispute over his potential extradition have kept the international community on edge. The case’s twists and turns have had a noticeable impact on the cryptocurrency market, particularly on Terra Luna, now known as Terra Luna Classic.
The case against Kwon and Terraform Labs, stretching across continents, underscores the increasingly global nature of financial regulation and cybersecurity.
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