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Terra Founder Do Kwon Asks US Court to Push Trial to Mid-March

Jai Pratap
Last updated: | 1 min read
do-kwon SEC
Source: Terra / YouTube

Do Kwon, the former CEO of Terra, is seeking a delay in the Securities and Exchange Commission (SEC) trial against him and his former company so he can attend the trial.

Kwon’s counsel has formally requested a U.S. court to postpone the trial due to uncertainties surrounding his extradition from Montenegro.

According to a filing on January 11, Kwon’s counsel explained that extradition proceedings in Montenegro are progressing more slowly than anticipated. The defense team argued that Kwon may not be in the United States until February or March at the earliest, prompting the request for a trial delay.

Trial May Start Without Do Kwon

In the event the court denies the postponement, Kwon’s counsel has proposed that the jury be instructed to consider his absence and inability to testify as “not unduly prejudicial to him.”

The trial is currently scheduled to commence at the end of January. Kwon’s extradition process faced delays as his legal team successfully appealed a decision by the Montenegro high court to extradite him to either the U.S. or South Korea. The Appeals Court ordered a retrial due to procedural issues.

In the U.S., both Do Kwon and the SEC have filed for summary judgment in their legal dispute. Each party is urging a federal judge to decide in their favor without proceeding to trial, arguing that the opposing side has not sufficiently substantiated their case.

The US SEC recently cited Terraform ruling in Binance and Coinbase lawsuits to make its case stronger.