Terra Co-Founder, Do Kwon, Seeks Delay in SEC Trial Pending Extradition

By: Isha Das

Terraform Labs co-founder, Do Kwon, is reported to be seeking a delay in his trial involving the Securities and Exchange Commission (SEC). According to court filings, Kwon is awaiting extradition to the United States from Montenegro and is requesting the delay until mid-March to ensure his attendance at the trial.

The legal team for Kwon has reported this request for a short adjournment of the trial date to permit him to attend. They have asked the court not to interpret Kwon's absence and non-testimony as unduly prejudicial to him, in case his request is denied. The crypto tycoon has been stuck in Montenegro since his arrest last March for trying to travel with counterfeit documents and served a four-month prison sentence there.

The Montenegro Court of Appeal overturned an earlier decision allowing his extradition, as it violated specific legal provisions, adding uncertainty over his final destination. Despite Kwon's preference for extradition to South Korea, reports suggest the Minister of Justice in Montenegro may lean towards sending him to the U.S. The SEC has charged Kwon with several criminal counts, including allegations of defrauding customers of his unsuccessful Terra algorithmic stablecoin project. Similar charges are also pending in South Korea.