Crypto entrepreneur Do Kwon, famous for his unsuccessful algorithmic stablecoin project, is expected to miss the beginning of a civil trial involving U.S. Securities and Exchange Commission (SEC) fraud charges.
According to Reuters, Terraform Labs founder Do Kwon will likely miss the start of his trial on March 25 because of delays in his extradition from Montenegro. Kwon’s lawyer, David Patton, confirmed this information and stated that Kwon does not plan to request a postponement for the trial date. This was disclosed in a letter filed in federal court.
Do Kwon’s Legal Battle Amid Detainment
Do Kwon, along with Terraform Labs‘ former chief financial officer, Han Chang-Joon, has been detained in Montenegro since March 2023. Their arrest occurred as they were trying to leave the capital on a private flight bound for Dubai.
The duo faced charges related to suspicious travel documents and were later convicted of forgery following a red alert issued by Interpol for Kwon. Authorities extended Kwon’s detention by four months to facilitate his extradition, responding to requests from both the U.S. and South Korea.
Prosecutors in both countries intend to pursue charges against Kwon for fraud and other criminal violations linked to Terra’s collapse in May 2022.
Despite the allegations, Kwon has consistently denied any wrongdoing. A recent court ruling in Montenegro favored Kwon’s extradition to the U.S. instead of his preferred destination of South Korea.
However, Kwon is currently attempting to appeal this decision with the assistance of his local lawyer, Goran Rodic. Rodic argues that the ruling was based on inaccurate information, suggesting that the U.S. extradition request was received first.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
