A new report has emerged that Do-Kwon will likely miss the start of his U.S. trial due to delays in his extradition from Montenegro.
Mr. Kwon was originally scheduled to go to trial on January 29 on charges of securities fraud, but when his extradition took place later than expected, his legal team requested the U.S. Securities and Exchange Commission (SEC) to postpone the trial.
The civil trial has been moved forward two months to March 25, but according to Reuters, Kwon will not be able to attend until the trial begins. Kwon’s attorney, David Patton, submitted a letter to a Manhattan court saying it was unlikely the Korean would be extradited to the United States by then.
Patton’s letter added that extraditions were taking longer than expected due to “numerous unforeseen mistakes” made by Montenegro’s lower courts. According to Goran Rodic, Kwon’s Balkan lawyer, it is unlikely that the extradition will be completed this month.
Kwon’s dramatic extradition saw the United States and his native South Korea clash over who should capture him first. At first, Korea seemed like the most likely destination. In the end, Han Chang-jun, former CFO of Terraform Labs, who was arrested along with Kwon, was repatriated to Korea last month after serving four months in prison on charges of document forgery.
However, the Wall Street Journal (WSJ) reported that the U.S. government’s intervention influenced the situation in which Montenegro’s Justice Minister Andrej Milovic, who has the final say on extradition decisions, is fighting extradition by a team of U.S. attorneys in Montenegro. .
Mr. Kwon is facing eight criminal charges in the United States, ranging from securities fraud, conspiracy, wire fraud, and product fraud. The SEC also filed a civil suit against the 32-year-old.
Kwon founded Terraform Labs in 2018 and launched the LUNA token later that year. In 2020, he launched the UST algorithm stablecoin, which has excellent instability and stability.
The 2022 crash would result in $60 billion in losses in a matter of days. It also triggered the collapse of dozens of related companies, including Voyager Digital, Three Arrows Capital (3AC), BlockFi, and others.
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