The Terraform Labs co-founder is still in Montenegro following his prison sentence and reportedly awaits extradition to the United States.
A federal judge has ordered the United States Securities and Exchange Commission (SEC) case against Terraform Labs pushed to March following a request from Do Kwon to assist in his own defense in person.
In a Jan. 16 filing in U.S. District Court for the Southern District of New York, Judge Jed Rakoff moved the start date of the SEC v. Terraform Labs trial to March 25. The judge added there was “no absolute guarantee” that Kwon would be released from extradition proceedings in Montenegro in time to appear in person for the trial but accommodated a request from his legal team that the SEC joined.
The trial had originally been scheduled to begin on Jan. 29, roughly a year after the SEC filed charges against Terraform and Kwon in February 2023. Both parties were alleged to have orchestrated a “multi-billion dollar crypto asset securities fraud” related to the tokens formerly called TerraUSD (UST) and Terra (LUNA).
