- Former Terraform Labs CEO Do Kwon and his legal team are bolstering techniques to evade the looming SEC trial.
- The High Court of Montenegro recently granted Do Kwonโs extradition approval.
- Do Kwonโs legal team plans to appeal the extradition approval on the grounds that the decision is flawed.
Do Kwon, the co-founder and former CEO of Terraform Labs, has been thrust into the spotlight in recent weeks as his legal tussle with multiple regulatory authorities intensifies. On February 21, the United States scored a win against Kwon when the High Court of Montenegro approved his extradition to face trial for the 2022 Terra collapse, despite the numerous attempts by his legal team to dodge regulatory heat.
Persisting in their defiance, Kwon and his legal team are now aiming to ensure his absence from the upcoming US trial.
Do Kwon to Bunk SEC Trial?
According to a Tuesday report, a recently filed letter to the Manhattan federal court has disclosed that the former CEO will likely miss the commencement of his civil trial with the Securities and Exchange Commission, which is scheduled to kickstart on March 25, 2024.
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The decision hinges on Kwonโs legal teamโs unwillingness to request an adjournment of the trial date, irrespective of the timing of his extradition.
The report came on the heels of the assertion by Kwonโs lawyer, Goran Rodic, that the extradition approval by the court is โillegalโ and flawed with โnumerous mistakes,โ which will once again be appealed in the Podgorica Appellate court.
โWe are convinced that this illegal decision cannot hold before the Appellate Court, just as the previous two didnโt," Rodic stated in a Bloomberg interview.
This represents another tactic in the lawyersโ efforts to shield the Terra co-founder from the ongoing pursuit of justice for the 2022 financial collapse.
Do Kwon’s Fugitive Lifestyle
Despite refuting the allegations against him, Do Kwon has been on the run since the Terra Luna collapse, deploying numerous stunts to evade regulatory authorities.
In June 2023, Kwon was arrested and convicted by the Montenegrin Basic Court for falsifying travel documents and sentenced to four months in prison. While incarcerated, extradition attempts stemmed from both the United States and South Korea, seeking to hold the controversial crypto mogul for his crimes.
The request was officially approved by the High Court of Podgorica in November 2023, granting Kwonโs exit. However, in a bid to stall the process, Kwon filed an appeal with the Appellate Court, scoring a victory and buying more time to delay his fate.
Kwonโs victory was short-lived when the court again signed his approval to the United States. Undeterred, Do Kwon hit the approval with another counter, marking his second victory in his string tactic to delay his fate.
Do Kwon remains held in Montenegro and faces up to 40 years behind bars if convicted of the SEC’s charges. Additionally, the disgraced crypto mogul is wanted by the Singaporean government on criminal charges.
On the Flipside
- A Montenegrin official stated that the Feb 21 extradition approval by Montenegro was also politically motivated as part of the countryโs efforts to establish a functional extradition agreement with the United States.
- Former Terraform Labsโ CFO and Do Kwonโs aide Han Chang-joon was extradited to South Korea from Montenegro on February 5, also facing criminal charges.
- In April 2023, the South Korean government froze Do Kwonโs assets.
Why This Matters
The Terra Luna collapse triggered a major financial loss for the crypto industry, and regulatory authorities are determined to ensure accountability by bringing Do Kwon to justice. Further attempts by his legal team to dodge the system can only delay the inevitable and complicate the potential consequences he faces.
This exchange is suspected to have pulled the rug on users, making away with millions in assets. Read more:
Hereโs Why BitForex Is Stirring Exit Scam Fears Among Users
Discover more about Do Kwonโs evasive techniques here:
Do Kwon Scores Victory in Extradition Request Appealย
