The Securities and Trade Fee has agreed to delay till April the trial of Do Kwon, the South Korean cofounder of Terraform Labs, to permit for his extradition to the U.S.
In a Monday submitting, the regulator agreed to Kwon’s postponement request as a result of he’s already consented to be extradited and will arrive by March. The SEC, in accordance with the submitting, took under consideration that Kwon “wishes to attend his trial” and that if it had been to happen on Jan. 29 as scheduled he wouldn’t have time to seek the advice of together with his attorneys.
“Mr. Kwon will make no additional requests for adjournment of the trial date, even if he is still not able to attend trial on the new date set,” Kwon’s attorneys wrote in a separate submitting on Monday.
Kwon’s legal professionals additionally mentioned he wouldn’t oppose the courtroom separating his case from that of the corporate he cofounded, Terraform Labs, though the SEC doesn’t seem desirous about doing that. Splitting them up, the company mentioned, would “unnecessarily require witnesses, including SEC whistleblowers and retail investors with limited financial means, to testify twice about identical facts in different trials.”
Kwon stays in custody within the Balkan nation of Montenegro, the place he was arrested in March for attempting to make use of a falsified passport to achieve Dubai. After the $40 billion collapse of the stablecoin TerraUSD and sister cryptocurrency Luna in 2022, Kwon left Singapore, the place he had been primarily based, and reportedly spent a while in Serbia after which Montenegro as an Interpol Crimson Discover was issued for his arrest.
In December, U.S. District Courtroom Decide Jed Rakoff sided with the SEC and mentioned Kwon and Terraform Labs broke the regulation by not registering TerraUSD and Luna with the regulator. The 32-year-old disgraced crypto entrepreneur is going through criminal charges in the U.S. in the meantime authorities in his native South Korea additionally search to bring him to justice.
