Celsius

United

Terra

This request, mentioned in a recent court filing first reported by Inner City Press, cites potential delays in Kwon's extradition as the primary reason. 
Kwon's legal team noted in the filing that his extradition to the United States is unlikely to occur before February or March. They argue that an adjournment of the trial until mid-March would realistically allow Kwon to be present. In the event that this request is denied, Kwon's defense plans to ask the court to inform the jury about his absence and inability to testify in a manner that won't unfairly prejudice the case against him. 
The <a href="https://financefeeds.com/sec-leverages-terraform-case-against-binance-and-coinbase/">legal proceedings against Kwon</a> have been ongoing since last year. In December, an appeals court in Montenegro overturned an earlier decision to extradite Kwon to South Korea and the U.S. The SEC trial against him and Terraform Labs is currently scheduled for January 29. 
The SEC has charged Terraform Labs and Kwon with orchestrating a "multi-billion dollar crypto asset securities fraud," particularly focusing on the collapse of the algorithmic stablecoin TerraUSD in May 2022. South Korean prosecutors have leveled similar accusations against Kwon and Terraform affiliates. 
Kwon was arrested in March last year at an airport in Montenegro for attempting to travel with forged documents. Kwon, who is the founder of Terraform Labs, testified that he believed the passports were legitimate​​​​. 
Many enforcement authorities and financial regulators, as well as the Interpol, were already on the hunt for Kwon for his alleged involvement in the collapse of&nbsp;<a href="https://financefeeds.com/terra-founder-do-kwon-seeks-to-dismiss-sec-fraud-lawsuit/">terraUSD (UST) stablecoin</a>&nbsp;and the Terra ecosystem. 
LUNA tanked to virtually zero in a couple of hours after having peaked close to $120 with a market cap of more than $18.5 billion. Additionally, its sister stablecoin TerraUSD, or UST, lost its dollar peg before the collapse. 
Globally, investors in TerraUSD and Luna lost an estimated $42 billion. Worse still, the meltdown has shaken confidence in the broader cryptocurrency industry and led to the failure of several major crypto companies including crypto lender Celsius and crypto fund manager Three Arrows Capital. 
The turmoil also set off a domino effect, triggering industry-wide bankruptcies that peaked with the collapse of the world’s second largest crypto exchange, which was part of the disgraced FTX&nbsp;<a href="https://financefeeds.com/voyager-subpoenas-ftxs-inner-circle-over-alameda-loan/">Sam Bankman-Fried’s</a>&nbsp;crypto empire.

Terraform founder Do Kwon seeks delay in SEC trial

FinanceFeeds

Other articles published on Jan 12, 2024

Bitcoin Mining Dynamics Unveiled: Assessing the Post-Halving Realities

Understanding the Bitcoin Price Drop

Robinhood Adds All 11 SEC-Approved Bitcoin ETFs; Cathie Wood Sells $4.3M in Shares

Groundbreaking Debut for Bitcoin ETFs, Garnering $4.5 Billion on Day One

Milady Meme Coin: Will LADYS Crypto Price Get Wings Soon & Rise?

Shark Tank’s Kevin O’Leary Deems Spot Bitcoin ETFs “Practically Useless” for Big Investors

Join our free newsletter for daily crypto updates!