Terra Founder Do Kwon Asks For Trial Extension, Pushing Back Extradition To US

Terraform Labs co-founder and former chief Do Hyeong Kwon’s legal defense team has requested an extension of their client's trial date.

What Happened: “Mr. Kwon wishes to attend his trial” was the request that his legal defense team presented in the letter to a U.S. district judge, as reported by Inner City Press.

Due to the delay in the extradition proceedings in Montenegro, Kwon will not be extradited until February or March at the earliest. Thereby, an extension until mid-March (originally scheduled for Jan. 29) will make Kwon's personal attendance a possibility. 

If the request is denied, Kwon will ask for an instruction to the jury that details his absence and inability to testify in a way that is “not unduly prejudicial," according to this team.

Also Read: Do Kwon's Extradition Twist: This Court Overturned A Ruling On Terra Labs Co-Founder

Why It Matters: Kwon was held responsible for the collapse of Singapore-based Terraform’s TerraUSD stablecoin, which also played a role in the FTX collapse.

Millions of dollars were raised from investors by offering and selling an inter-connected suite of crypto asset securities in mostly unregistered transactions. Both tokens, TerraUSD and LUNA, collapsed in May 2022, wiping out $45 billion in market capitalization in one week.  

In March 2023, Kwon was arrested in Montenegro as he tried to escape to Dubai using falsified documents. He is charged on eight grounds including securities fraud, commodities fraud, wire fraud and conspiracy.

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