thecoinrise.com
The trial of Do Kwon, the founder of Terraform Labs, the organization behind the UST and LUNA tokens, has been postponed to late March as per the official court order.
The crypto entrepreneur was charged in February by the United States Securities and Exchange Commission (SEC) over the collapse of the algorithmic stablecoin UST and LUNA tokens, wiping off billions from the digital asset sector.
Do Kwon Trial Pushed Back
The trial of Do Kwon was originally scheduled for January 29 and is facing a jury trial over fraud charges.
Extradition from Montenegro
Notably, Judge Jed Rakoff in the United States District Court for the Southern District of New York noted that “despite Kwon’s representation that he has consented to his extradition from Montenegro, where he is presently being held, there is no absolute guarantee that he will be released in time for his appearance at a late March trial,” while adding:
“Nevertheless, the Court will indulge his counsel’s request given their express recognition that the trial cannot be further postponed,” Rakoff continued, setting the new trial date for March 25.
Do Kwon Lawyers Wanted to Delay the Trial
As per the Inner City Press, the lawyers representing Do Kwon asked for the trial to be postponed on January 11, adding that the extradition of the disgraced entrepreneur cannot happen until February or March at the earliest.
“While Mr. Kwon, through his counsel in Montenegro, has made every effort to be extradited from Montenegro as quickly as possible, the process has been slow going and is made more complicated by the dueling requests and the fact that Mr. Kwon is serving a sentence in Montenegro for his conviction on the local charges there,” read a filing.
Arrested in Montenegro
Do Kwon was arrested in Montenegro while trying to leave the airport with forged documents. Interestingly, Rakoff sided with the SEC in its claim that the entrepreneur and Terraform Labs offered and sold unregistered securities.
As reported earlier by TheCoinRise, the lawyers filed a motion in June last year to dismiss the lawsuit in the US District Court for the Southern District of New York.