SEC v. Terraform Labs trial pushed to March to potentially accommodate Do Kwon
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.
Source: CourtlistenerThe 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 ).
Related: Do Kwon requests to postpone SEC trial date, while in extradition custody
The Terra ecosystem collapsed in May 2022, after which time Kwon’s whereabouts were largely unknown. Authorities in Montenegro arrested the Terraform Labs co-founder in March 2023 for using falsified travel documents and sentenced him to four months in prison. He remains in the country as extradition proceedings between the U.S. and Montenegro continue at the time of publication.
It’s unclear if Kwon can participate in the SEC case in person, but pretrial motions have been moving forward. In December, Judge Rakoff granted summary judgment in favor of the SEC over Terraform dealing with unregistered securities and in favor of Kwon and Terraform for the offer and sale of security-based swaps.
Magazine: US enforcement agencies are turning up the heat on crypto-related crime
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitget Will List The Farm (FARM) in the Innovation, AI and GameFi Zone.
Elon Musk Sued Over Stock Fraud Twitter
Thai authorities consider approving bitcoin ETF
Trump and Musk dine with Microsoft CEO to discuss AI, cybersecurity and American jobs
Share link:In this post: Microsoft Corp.’s Satya Nadella joins Donald Trump and Elon Musk for the discussion of AI and cybersecurity The statement said that the conversation was based on several topics, including the US firm’s pledge to invest $80 billion in AI data centers globally. Over $50 billion of that investment is expected to support American jobs.