Kwon’s legal representation strongly opposes his testimony before U.S. authorities.
As per his legal team’s stance, the extradition to the U.S. is deemed an impossibility.
Do Kwon, the founder of Terra Labs, currently finds himself embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has made the extradition of Kwon to the United States a primary objective in its efforts to initiate discussions regarding the significant losses suffered within the Terra ecosystem. However, Kwon’s legal team has vehemently rejected these requests, asserting that compliance with the SEC’s demands is unfeasible.
As revealed in official court documents filed within the U.S. District Court for the Southern District of New York, Do Kwon’s legal representatives adamantly oppose his participation in testifying before U.S. authorities. Kwon has been held in detention in Montenegro without undergoing a trial since the month of March. Consequently, his legal team contends that extraditing him to the United States is an unattainable endeavor.
Mounting an Aggressive Counteroffensive
Furthermore, Kwon’s legal counsel is primarily asserting his right to due process as their core argument. They contend that issuing a court order that mandates the unfeasible undermines the court’s authority and ultimately achieves no meaningful purpose. Despite the SEC’s persistent efforts to secure Kwon’s extradition, his legal team is vigorously opposing these attempts and exploring every conceivable strategy to thwart them.
In February 2023, the Securities and Exchange Commission (SEC) initiated a lawsuit against Terraform Labs, alleging that the company had provided misleading information to investors regarding the dependability of its TerraUSD stablecoin.
Substantial investor funds were lost during the significant declines of both TerraUSD and Terra’s native LUNA token in 2022. As the October 13 discovery deadline looms closer, the regulatory agency is intensifying its efforts to engage with Kwon in discussions. This catastrophic downturn had far-reaching consequences on the entire cryptocurrency sector, prompting heightened scrutiny from regulators worldwide.
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.
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