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SEC agrees to postpone trial in Terraform Labs case

Market and Events: SEC agrees to postpone trial in Terraform Labs case

The U.S. Securities and Exchange Commission (SEC) has agreed to postpone court hearings in the case of bankrupt cryptocurrency company Terraform Labs and its founder Do Kwon. The SEC filed a motion in Manhattan federal court to postpone the hearing.

Previously, Do Kwon's defense team sent a letter requesting that the trial be moved from late January to mid-March 2024. The SEC not only supported the request, but also asked the court to further postpone the hearing until April 15, 2024.

The SEC's agreement to postpone the trial is contingent on Do Kwon's willingness to be extradited to the US.

In addition, #SEC opposed separate trials for Terraform Labs and Do Kwon, citing the close connection between the two cases. The Commission argues that witnesses, whistleblowers, and victims need not provide duplicative testimony.

The SEC accused Terraform Labs and its co-founder #Do Kwon of a $40 billion fraud. The agency alleges that #DoKwon and the company misled investors about the stability of TerraUSD.

Earlier, Do Kwon's lawyer confirmed that an appeal had been filed against the Montenegrin Supreme Court's extradition decision.

"The decision grossly violates the provisions of the law, the European Convention on Extradition and the bilateral extradition treaty with the United States"emphasized the lawyer.

It should be noted that Daniel Shin, co-founder of #Terraform Labs, attributed the collapse of the company to Do Kwon.

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