Terra LUNA founder Do Kwon agrees to be extradited - Bitcoin news - Uzmancoin - Cryptocurrency and Blockchain

The trial of Do Kwon, who was sued by the US Securities and Exchange Commission (SEC) for fraud due to the collapse of algorithmic stablecoin Terra USD last year (February 2023), has been postponed to March.

As it will be remembered, it was stated in the past days that the SEC also attempted to postpone this case due to Kwon's presence in Montenegro. The original date of the trial was January 29. Kwon's lawyers also asked for the case to be postponed.

Statement from the judge: Do Kwon agrees to extradition

Jed Rakoff, the judge in the case, said that Do Kwon did his best to be extradited to the United States and agreed to the terms. Judge Rakoff also said that even if the case was adjourned until March, Kwon may not be released from prison in Montenegro by that date.

Do Kwon was arrested at the airport in March last year while trying to travel from Montenegro to Dubai and sent to Podgorica prison. The reason for Kwon's arrest in Montenegro was that he wanted to enter and exit the country with fake passports and other documents, independent of the Terra LUNA collapse.

The Terra LUNA project, which collapsed in May 2022, created a domino effect in the crypto world and brought huge price drops with the bankruptcy of many other projects.

Bitcoin fell from $30,000 weeks after the Terra LUNA crash to $17,000 in June.

Published: January 17, 2024 08:55Last Updated: January 17, 2024 08:58