Do Kwon, co-founder of Terraform Labs, is striving to delay his court proceedings in the United States while simultaneously resolving his legal issues in Montenegro to ensure his physical presence in the U.S. court.
Request for Postponement of Court Date
Do Kwon, the co-founder of #TerraformLabs , is requesting the federal court in the Southern District of New York to reschedule his court hearing to March due to complications related to his extradition from Montenegro.
 Kwon's Interest in Personal Attendance at the Court Process
In a letter dated January 11th, sent to Judge Jed Rakoff, Kwon’s legal team emphasized his desire to personally attend the court process, scheduled for January 29th. They expressed the hope that Kwon would be able to return to the USA in time: "Mr. Kwon wants to be personally at the court. His lawyers hoped that the extradition process in Montenegro would proceed more quickly."
 

 
SEC Accusations and Connection with the Collapse of TerraUSD
In February 2023, the SEC accused Kwon of fraudulent activities, alleging that he was involved in organizing a large-scale crypto currency fraud. The accusation is related to the collapse of the #TerraUSD (USTC) stablecoin of TerraformLabs and its associated token #Terra (#LUNA ).
Response of Kwon's Legal Team to the Urgency of the Process
Kwon's legal team acknowledged the urgency of the court process but stated that Kwon could not attend this month. "We understand that the court cannot be indefinitely postponed, but moving the date to mid-March could realistically enable Mr. Kwon to attend the process," the letter stated.
New Decision of the Appeals Court in Montenegro
In December 2023, it was announced that the appellate court in Montenegro overturned the decision to extradite #kwon either to the USA or to South Korea. This was revealed just a week after it was announced that U.S. and South Korean authorities requested his detention for an additional two months after the end of his custody.
Efforts of the USA and South Korea for Kwon's Extradition
Both the USA and South Korea are seeking Kwon's extradition, with speculations in both countries about the potential outcome of his case.
Kwon's Arrest and Forged Documents
Kwon was arrested in Montenegro in March 2023 after he attempted to leave the country with forged travel documents.
 Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

On Monday, a former developer from #Terraform Labs named Lee testified that Kwon Do-hyeong and Shin Hyun-seung, co-founders of the company, promoted #TerraUSD stablecoins as a potential payment option for investors, even though they were aware that local regulations prohibited such an offering, according to local media reports.
Testimony During a Court Hearing
The testimony was presented during a witness's examination in the third legal case involving eight former members of Terraform Labs, including Shin, as reported by the local news channel Chosun Ilbo. The full name of the former developer Lee was not disclosed due to South Korea's privacy protection rules.
After the catastrophic collapse of the Terra-Luna #crypto project in 2022, South Korean prosecutors accused Kwon, Shin, and Terraform Labs of deceiving investors by falsely promoting that Terra stablecoins pegged to the USD could be used as a means of payment.
However, at that time, Shin claimed that regulators had not taken a clear stance on the use of cryptocurrencies as a payment method. Shin also stated that he had left Terra two years before the collapse and had no connection to the debacle.
Lee, the former developer, allegedly testified that Kwon had stated that South Korean financial regulations prohibited the use of TerraUSD as a payment method, suggesting that Terra's managers were aware of the stablecoin's limitations. In response, Shin's defense team argued that such testimony was false.
Meanwhile, on Monday, the former financial director of Terra, Han Chang-joon, a key associate of Kwon, was extradited from Montenegro to South Korea. It is expected that Han will arrive in Seoul on Tuesday afternoon in Asia and subsequently face an investigation by local prosecutors, as reported by the local news portal Aju Business Daily.
In March of last year, Han and Kwon were arrested at the Montenegrin airport for attempting to travel with counterfeit documents. Kwon remains in custody in Montenegro as local authorities continue to consider whether to extradite him to South Korea or the USA.

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“