Singapore-based Terraform Labs and its founder Do Kwon have reportedly reached a preliminary settlement with the U.S. Securities and Exchange Commission (SEC) after being accused of misleading cryptocurrency investors before the 2022 collapse of terrausd (UST), the project’s now-defunct algorithmic stablecoin. According to a court filing, the settlement terms are currently undisclosed and the alleged […]
Bitcoin News
SEC Seeks $5.3 Billion in Final Judgment Against Do Kwon and Terraform Labs
The U.S. Securities and Exchange Commission (SEC) has asked the court to order Terraform Labs and Do Kwon to pay around .3 billion as part of the final judgment against the two defendants. This sum includes ,192,147,847 in disgorgement and 5,748,909 in prejudgment interest. SEC Seeks Final Judgment Against Terraform Labs and Do Kwon The […]
Bitcoin News
Terraform Labs and Former CEO Do Kwon Found Liable for Civil Fraud by Jury
On Friday, Zack Guzmán, founder of Coinage Media, announced that Terraform Labs’ co-founder Do Kwon and his startup were deemed responsible for fraudulent activities in its legal battle against the U.S. Securities and Exchange Commission (SEC). The lawsuit spanned approximately two weeks. The trial culminated in the jury’s decision in a federal courtroom subsequent to […]
Bitcoin News
Do Kwon Out of Jail, Under House Arrest Pending Extradition Decision
Multiple sources have reported that Do Kwon, the ex-chief executive officer of Terraform Labs, was set free from jail on Saturday while the high court in Montenegro decides on two separate extradition requests submitted by South Korea and the United States. Terraform Labs’ Former CEO Do Kwon Freed According to various sources, Do Kwon has […]
Bitcoin News
US Continues Efforts to Extradite Terra Founder Do Kwon
Despite Montenegro’s High Court ruling for Do Kwon’s extradition to South Korea, the U.S. is not backing down. “The United States continues to seek Kwon’s extradition in accordance with relevant international and bilateral agreements and Montenegrin law,” the Justice Department told Bloomberg, highlighting the ongoing legal tussle over the Terra founder amidst charges linked to […]
Bitcoin News
High Court Shifts Extradition Route for Terraform Labs’ Do Kwon to South Korea
In a recent legal twist, the High Court in Podgorica has ruled in favor of extraditing Terraform Labs co-founder Do Kwon to South Korea. This decision comes after the Montenegro Appeals Court overturned a previous ruling that favored his extradition to the United States, marking a pivotal moment in the ongoing legal battle surrounding the […]
Bitcoin News
Montenegro Court Halts Extradition of Terra’s Do Kwon to the US
In a pivotal legal reversal, Montenegro’s Court of Appeals has annulled the extradition of Terraform Labs co-founder Do Kwon to the United States, siding with his defense’s appeal and invalidating a prior High Court ruling from Feb. 20. Montenegro’s Appeal Court Blocks Do Kwon’s U.S. Extradition, Cites Legal Flaws This latest court decision underscores the […]
Bitcoin News
Terraform Labs Founder Do Kwon Faces Extradition Delay in Montenegro Amid SEC Fraud Allegations
Do Kwon, the embattled former CEO of Terraform Labs, is currently stranded in Montenegro due to extradition delays, following accusations by the U.S. Securities and Exchange Commission (SEC) of conducting a massive fraudulent crypto scheme. Last year, the SEC charged that from April 2018 to May 2022, Terraform and Kwon’s operations resulted in at least […]
Bitcoin News
Legal Twist Keeps Terraform Labs’ Co-Founder Do Kwon in Montenegro, Appeals Court Questions Extradition Grounds
Following the Montenegro Appeals Court’s decision to reject the extradition requests for Terraform Labs co-founder Do Kwon, the panel from the Appeals Court has nullified the latest decision by Podgorica’s High Court to extradite Kwon to either South Korea or the United States. This ruling implies that Kwon will remain in Montenegro, as the matter […]
Bitcoin News
Terra’s Do Kwon Seeks Trial Delay, Citing Extradition Holdup
Terraform Labs co-founder Do Kwon has requested that the judge in his fraud case delay the trial date, currently set for Jan. 29, 2024, because Kwon is still tied up in extradition proceedings in Montenegro.
Terra’s Do Kwon Requests Trial Postponement Due to Extradition Issues
In a letter to U.S. District Judge Jed Rakoff dated Jan. 11, Kwon’s lawyers said they had hoped he would be extradited in time for the trial but that now appears unlikely until February or March. The letter was first shared by Inner City Press reporter Matthew Russell Lee. Kwon and his legal team said in the letter that he wishes to attend the trial in person but needs more time for the extradition process to play out.
“Unfortunately, it now appears that Mr. Kwon is not likely to be extradited until February or March at the earliest. We understand the court cannot put the trial on hold indefinitely, but an adjournment until mid-March would provide a realistic possibility for Mr. Kwon to attend,” the letter states.
The request comes after a Montenegro appeals court in December overturned an earlier ruling approving Kwon’s extradition to the U.S. to face charges related to the spectacular collapse in 2022 of the Terra ecosystem and its signature stablecoin terrausd (UST). Federal prosecutors charged Kwon with various counts of fraud for his role in developing the stablecoin and blockchain system.
Kwon’s lawyer said in the letter that if the judge declines to postpone the trial date, Kwon intends to ask that the jury receive an instruction about his absence that is fair to him. The letter indicates Kwon strongly desires to be present for the fraud trial stemming from the implosion of his brainchild that cost investors billions of dollars in the aftermath.
What do you think about Do Kwon’s latest request? Share your thoughts and opinions about this subject in the comments section below.