Terra (LUNA) founder postpones lawsuit over crypto fiasco

Earlier this week we wrote about the situation of Do Kwon, the man behind the Terra (LUNA) fiasco. The United States is interested in prosecuting Do Kwon and his trial was scheduled for later this month. However, the man behind the failed crypto project and his legal team do not seem to be waiting for extradition to the USA any time soon. Do Kwon's lawyers have now managed to postpone the start of Do Kwon's trial until March.

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The Terra fiasco

Terra was the big star of the previous crypto bull market, reaching a market cap of no less than $40 billion at its peak. However, the stablecoin ecosystem turned out to be not what it seemed and collapsed in May 2022. The value of LUNA fell from almost $120 to zero. The fiasco was a huge shock and caused chaos Crypto Sector. And even in 2024, the fiasco still casts a shadow over the crypto sector

It is now clear that Do Kwon, Terra's former CEO, must pay for his actions. In March last year, after a long manhunt, he was finally arrested in Montenegro. He has been held there ever since and the USA, among others, are waiting for his extradition. Do Kwon has officially agreed to be extradited to the USA. But he certainly won't make it easy for his accusers.

Start of crypto process postponed

His trial was originally scheduled to begin on January 29th. At the request of his lawyers, this start date has now been postponed to March. Lawyers report that it would be difficult to get him out of Montenegro due to previous charges. The judge hearing the case in the United States agrees. However, there is no guarantee that he can be at the start of the trial in March.

“Despite Do Kwon agreeing to be extradited from Montenegro, where he is currently being held, there is absolutely no guarantee that he will be released in time to appear for his trial at the end of March. Nevertheless, the court agrees to the request of its legal team as they also recognize that proceedings cannot wait any longer.”

According to Judge Jed Rakoff. The start of Do Kwon's trial was postponed to March 25.

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