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.
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