- Do Kwon, former Terra CEO, now seeks another delay in the ongoing lawsuit against him, due to issues with his extradition from Montenegro.
- Do Kwon wants more time to prepare and attend the trial in person, with his extradition being unlikely before February or March.
- The SEC opposes this motion, claiming that Kwon is deliberately delaying things.
- Both sides have filed for summary judgment, urging the court to dismiss the other’s motions.
- The outcome of the legal battle between Do Kwon and the SEC remains uncertain, but more details are bound to come out before 29 January
The lawsuit from the SEC against Do Kwon, the former CEO of Terra has been ongoing since May 2022.
Over the months, Kwon has run from country to country, eventually getting arrested in Montenegro after trying to flee again with fake travel documents.
The SEC seeks to bring the former Terra CEO to justice for the alleged mismanagement of millions of dollars from the sale of UST and LUNA, as well as the billions of dollars lost when the Terra ecosystem crashed.
As a result, the agency has repeatedly petitioned Montenegro to release Do Kwon for a court date.
But there are a few complications.
Do Kwon’s Extradition Saga
Kwon, who is a dual citizen of the US and South Korea, has been held in custody in Montenegro since June 2022, when he was arrested at the request of the US and South Korea.
Kwon, under claims that he is innocent, has been resisting being extradited to any nation because according to him, he “would not get a fair trial”.
By extension, Kwon’s legal team has encountered several obstacles in their quest to stop his extradition. The final blow seemed to have come when the High Court of Montenegro approved Kwon’s extradition to either the US or South Korea. But in December 2022, everything changed again when the Appeals Court of Montenegro reversed the decision of the High Court and demanded a new trial.
This means that Kwon may be getting his wish, and may not be extradited to the US anytime soon.
However, this has no bearing on his scheduled trial in the US, in late January.
Kwon’s Trial Postponement Request
Do Kwon’s scheduled trial in the US faces several problems.
The first is that it is scheduled to take place on 29 January 2024. The second is that an extradition from Montenegro may not happen anytime soon.
Instead, Kwon’s attorneys have filed a motion to push the trial until mid-March, claiming that Do Kwon needs more time to prepare his case and be present for his own trial.
Kwon’s lawyers have argued that they expect the former Terra founder to be extradited to the US, no earlier than February of March this year, based on the information gathered from the Montenegrin authorities.
Additionally, they have stated that they prefer Kwon to be present at the trial rather than through a virtual meeting because his physical presence in court might help convince the jury of his sincerity.
The Sec’s Response And Other Legal Actions
Predictably, the SEC has kicked violently against Kwon’s motion to postpone the trial, stating that Kwon has presented no good reasons for delaying the trial further.
Moreover, the SEC says that Kwon has waived his right to be present at the trial by resisting extradition from Montenegro in the first place, and by deliberately trying to drag out the trial.
As if that weren’t enough, the SEC also filed for the court to grant a summary judgement and rule against Kwon without a trial, based on the mountain gathered against him.
The SEC also claims that the evidence it has filed, proves without a doubt, that Kwon is guilty, and that he deliberately cheated investors.
Furthermore, there is also the issue of former Terra employees like the former head of business development, the former CTO and the Terra co-founder, Daniel Shin cooperating with the SEC and coming out to testify against Kwon.
In response, Kwon also filed a summary judgment motion of his own, claiming that the SEC’s “evidence” is not credible and that it also bent securities laws in a bid to see him behind bars.
Overall, before 29 January, we are bound to see what happens next, in the ongoing battle between Do Kwon and the SEC.
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