Summary
The trial of former Terraform Labs CEO, Do Hyeong Kwon, has been postponed to late March due to challenges in getting him out of Montenegro, where he is currently being held on a prior conviction. Kwon is facing fraud charges related to the collapse of algorithmic stablecoin Terra USD. His lawyers requested the postponement, citing the slow extradition process and the fact that Kwon is serving a sentence in Montenegro. The trial was originally scheduled for January 29. Judge Jed Rakoff granted the request and set the new trial date for March 25.
Key Points
1. The trial of Terraform Labs’ former CEO has been postponed to late March due to challenges in getting him out of Montenegro, where he is currently held on a prior conviction.
2. Do Hyeong Kwon, who was charged by the Securities and Exchange Commission for the collapse of algorithmic stablecoin Terra USD, is facing a jury trial for fraud claims originally scheduled for January 29.
3. Despite Kwon’s consent to his extradition, there is no absolute guarantee that he will be released in time for his appearance at the late March trial, according to Judge Jed Rakoff. The new trial date has been set for March 25.