The US has said that Do Kwon, the co-founder and former CEO of Terraform Labs, the company behind the Terra ecosystem, will have his criminal fraud trial commence in January 2026. This came out on Tuesday during the first court hearing in Manhattan where the two sides are starting to review through the six-terabyte database of evidence.

Here’s Why Terraform Co-Founder Do Kwon’s Trial Is Delayed Until 2026

According to the latest report from Manhattan’s Southern District Court, the criminal fraud trial of Terraform Co-Founder Do Kwon will start in January 2026. This is because the two parties require more time to go through the six terabytes of data in the discovery process.

Several factors that the Prosecutors pointed out as reasons for the delay include inability to access four cell phones produced by the Montenegrin authorities during Kwon’s extradition. Moreover, the translation of the extracted data from Korean language to English language took much time.

Authorities think that these encrypted phones are the main piece of evidence that can be connected to the charges against the Terraform Co-Founder. These devices are central to the prosecution’s case as they may hold records of financial transactions and communications directly linked to the allegations of crypto fraud.

Do Kwon’s Custody and Legal Proceedings to Date

Discovery Process Presents Challenges for Both Sides

During the initial hearing, lead prosecutor Jared Lenow emphasized the magnitude of the evidence. The government is working to unlock the four encrypted devices provided by Montenegrin authorities and assess their relevance. Similarly, the translation of communications from Korean into English adds another layer of complexity.

The presiding judge, Paul Engelmayer, noted the unusual length of time between the initial conference and the trial date. While unprecedented in his career, Engelmayer granted the delay to ensure both parties had adequate time to analyze the evidence. The defense team has until next week to decide if Kwon prefers an earlier trial date in 2025.

Terraform Co-Founder Faces Multiple Legal Challenges

The legal troubles for the Terraform Co-Founder are far from over. Apart from the crypto fraud charges, Kwon continues to be a focus of investigations connected with the fall of the Terra/LUNA. His position as the CEO during the period of the project collapse has put him under pressure from regulators.

The next trial will concern charges of securities fraud, wire fraud and other related charges. Therefore, the prosecution will depend on the evidence from Kwon’s devices. If found guilty, the trial will have a bearing on how other high profile crypto fraud cases will be addressed in the future.

The court has scheduled the next status conference for March 6, 2025, at 11 a.m. Eastern Time. During this session, the court will review updates on the discovery process and any potential changes to the trial timeline. Both the defense and prosecution will provide progress reports on their analyses of the crypto fraud evidence.

Moreover, a recent filing made after Kwon’s extradition shows that Terra collapse may have affected more than a million investors globally. US prosecutors have weighed in on the scope of the global impact and noted its spread.

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Terraform Labs co-founder Do Kwon has entered a plea of not guilty to fraud charges in the United States. The charges are linked to the $40 billion collapse of TerraUSD, a stablecoin developed by Kwon’s Singapore-based company. The case, which has drawn global attention, is being prosecuted by the Manhattan US Attorney’s Office.

Do Kwon Pleads Not Guilty To US Fraud Charges

Terraform Labs Co-Founder Do Kwon, 33, was extradited to the US earlier this week after being detained in Montenegro for traveling on a fake passport. He had been arrested at Podgorica Airport in March 2023 while attempting to board a private jet bound for Dubai.

Montenegro’s courts initially ruled in favor of South Korea’s extradition request, but the US ultimately secured his transfer due to its security partnership with Montenegro.

On Thursday, Kwon appeared before US Magistrate Judge Robert Lehrburger in Manhattan, where he entered a not guilty plea. Through his attorney, Terraform Labs Co-Founder Do Kwon agreed to remain in custody without bail while the legal proceedings unfold. A conference for the case is scheduled for January 8, 2025.

Fraud Allegations Surrounding TerraUSD and Luna

The charges against Kwon include nine counts, such as wire fraud, securities fraud, commodities fraud, and conspiracy. Prosecutors allege that Do Kwon misled investors about the stability of TerraUSD, a stablecoin designed to maintain a $1 value.

According to the indictment, Terraform Labs Co-Founder Do Kwon secretly worked with a high-frequency trading firm to artificially maintain TerraUSD’s value when it slipped below its peg in 2021. This claim, along with others, allegedly convinced investors to purchase Terraform’s products, boosting the valuation of Luna, another token closely tied to TerraUSD.

By the spring of 2022, Luna and TerraUSD were valued at $50 billion. However, their collapse in May 2022 triggered widespread losses across the cryptocurrency market, including declines in Bitcoin and other major digital assets.

SEC Civil Case and Terraform’s Bankruptcy

The legal troubles for Kwon and Terraform Labs extend beyond criminal charges. In 2022, the US Securities and Exchange Commission (SEC) filed a civil fraud lawsuit against Kwon and the company. A federal jury in Manhattan found Kwon and Terraform liable in April 2024, leading to a $4.47 billion judgment against the firm.

While Terraform Labs settled with the SEC in June 2024, agreeing to pay an $80 million civil fine, the company filed for bankruptcy in January 2025. Kwon had not attended the SEC trial as he was detained in Montenegro at the time.

Concurrently, Terraform Labs Co-Founder Do Kwon is one of several cryptocurrency executives facing legal consequences after the dramatic decline in digital token prices in 2022. The collapse of Terraform’s products is seen as a key event that destabilized the market, contributing to the bankruptcy of major firms like FTX.

Other high-profile cases include Sam Bankman-Fried, the FTX founder sentenced to 25 years for defrauding investors of $8 billion, and Alex Mashinsky, the former Celsius Network CEO who pleaded guilty to fraud in December 2024.

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After months of uncertainty, Terraform Labs co-founder and former CEO Do Kwon has finally been extradited to the United States from Montenegro. According to a report by Vijesti, the transfer from local authorities took place on December 31 at the Podgorica Airport border cross. Meanwhile, the U.S won the extradition request despite South Korea where Do Kwon holds citizenship fought keenly for his custody.

The Do Kwon Extradition Dilemma

According to the Vijesti report, the Terraform Labs founder faced the extradition with help from the NCB Interpol Podgorica officials. The Interpol collaborated with the Montenegro Special Police Unit to complete the extradition. This move marks an end to a process that began from as early as September 14, 2022.

The controversial extradition battle ended last week in favor of the United States. This came as the country’s Minster of Justice Bojan Bozovic signed the extradition orders, upholding an ealier court ruling. In reality, since the March 2023 arrest of Do Kwon in Montenegro, there has been series of rulings regarding his extradition hurdles.

At a time, the entire extradition process became delayed due to the appeal filed directly by the Terraform Labs co-founder. The extradition is now confirmed by Prime Minister Milojko Spajic

Today Montenegro completed the extradition of Do Kwon to the United States to face charges in the Terra/Luna case.
Our nation WELCOMES INNOVATION and legitimate crypto, AI and other tech entrepreneurs – but we have ZERO TOLERANCE FOR FRAUD. This extradition demonstrates our…

— Milojko Spajić (@MickeySpajic) December 31, 2024

With this extradition to the US, he will face charges directly linked to the collapse of the Terra-LUNA ecosystem.

What Next for Terra Classic?

When the Do Kwon led the Terraform Labs ecosystem collapsed in 2022, the protocol saw a forking that lead to the creation of Terra Classic and Terra. While LUNA marked the new protocol, LUNC retained the original features, albeit with highly diluted supply.

The ecosystem has continued to try different methods to restore the value of LUNC, including a Binance-backed LUNC upgrade. The Terra Luna Classic major v3.3.0 upgrade simplifies tax handling by automatically deducting it from the amount sent before it reaches the recipient’s wallet. This upgrade aims to enhance security and overall protocol usability.

Beyond this, the LUNC token burning campaign is also advancing with a new 50 million stash sent to dead wallet. The expectation is that these deflationary shift can help revive the price of LUNC in the long term.

As of writing, the price of Terra Classic was pegged at $0.0001088, down by 2.2% in 24 hours.

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After series of back and forths, Terraform Labs co-founder Do Kwon will finally be extradited to the United States. According to a report from local media platform Vijesti, the Montenegrin Justice Minister Bojan Bozovic signed the extradition orders, potentially ending the uncertainty that has trailed the case since 2022. In the United States, he will face fraud charges for his role in the collase of LUNA and UST tokens.

The Do Kwon Extradition: No More Confusion

The decision to sign off on the extradition orders of Do Kwon came after the Constitutional Court of Montenegro rejected the embattled enterpreneur’s appeal in that regard.. Notably, different countries were after him for the collapse of the tokens which saw over $40 billion wiped off from the crypto industry.

According to announcement from the ministry, it took into account the Supreme Court’s ruling and it considered all the factors and circumstances around the case.

Per the update, these conditions hinges on the severity of case and the location where Do Kwon carried out the offenses. Meanwhile, the Justice Minister also signed off on the extradition order based on the sequence of request filed by the US and South Korea.

This extradition ordeal over the past years has stirred political scandals involving former Justice Minister Andrej Milovic.

Despite the fact that Do Kwon wants extradition to South Korea, he could face up to 40 years in prison there. With his extradition to the US, no one knows how many years he could get as the court tries him separately for his offenses.

Recovering LUNC and USTC Ecosystems

The fallout of the collapse of the Terraform Labs product suit shook the crypto industry with LUNC and USTC dropping to historic lows. Now a community driven project, these tokens are on bullish recovery paths.

As reported earlier by coinpress, the Terra Classic community recently voted on a proposal to raise LUNC burn tax rate to 1.5%. This proposal aims to accelerate the burn rate and ultimately the value of the token.

The bankruptcy court has also instructed LUNA parent firm Terraform Labs to liquidate its assets. With the entity now defunct, the community relies on backing from exchanges like Binance to chart its future growth course.

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According to Montenegrin media reports, Do Kwon’s extradition process may soon conclude, with a decision expected by Sunday, Oct. 19.

On October 17, Minister of Justice Bojan Bozovic confirmed that the government chose the destination for extraditing the Terraform Labs co-founder, whom both the US and South Korea want on charges related to cryptocurrency fraud.

The minister indicated that he could soon sign the necessary documentation for Kwon’s extradition – by the end of the week.  However, the exact country to which he will go remains unknown.

Do Kwon’s Fate to Be Decided by Sunday

According to local media, the government of Montenegro is working on completing the procedures for the extradition of Do Kwon. The Minister will come with the decisiono by no later than Sunday, October 19.

Justice Minister Bojan Bozovic suggested on October 17 that he will finish the documents for Kwon’s extradition by Sunday. However, he didn’t specify the country to which he will send the infamous CEO.

Kwon has numerous criminal charges filed against him in the US and South Korea. He was staying as a prisoner in Montenegro since March following his arrest for traveling under fake documents.

His extradition will mark a major milestone in resolving the legal fallout from Terra’s stablecoin implosion, which destroyed billions of dollars in investor money. Still, Terra Luna Classic price has been trending upward since July, despite a market-wide crash on August 5. 

Do Kwon, arrested in Podgorica in March 2023, faces charges in South Korea, Singapore, and the US. All countries have requested extradition from Montenegro.

Crypto legal expert David Lespernce told coinpress that both Korea and the US have valid basis for their requests and in international extradition law there is not a system for predetermining priority in competing petitions.

“Therefore, the ultimate decision as to where Do Kwon will be first sent will be a political one rather than a legal one”, he explained.

“It Would Be Easier if the Court Had Decided”: Minister on Do Kwon

In September 2023, Interpol called for a red notice against Do Kwon regarding the $40 billion collapse in May 2022 of the Terra Luna and TerraUSD cryptocurrencies.

On 19 September, the Supreme Court of Montenegro ruled that all conditions for Do Kwon’s extradition to criminal proceedings in South Korea and the US are fine by law, thereby allowing the Minister of Justice to decide on the extradition permit.

Bozovic stated:

“On this issue, as Minister of Justice, I have nothing more to comment on after the decision of the Supreme Court… It would have been easier for me if it hadn’t been like this and the court had decided which country he should be extradited to. On the other hand, when the court leaves it to us to decide, I must act accordingly.”

$4.47B Settlement for Terraform

Do Kwon, co-founder of Terraform Labs, was caught in Montenegro after allegedly hiding in Serbia and attempting to travel to the Middle East using fake documents. Following his arrest, Kwon was found guilty of forgery and served a six-month prison sentence.

His case became the subject of a legal tug-of-war, with both the US and South Korea vying for extradition rights. Each country initially secured favorable rulings, but subsequent judicial decisions overturned these outcomes, resulting in an extended legal battle. Eventually, Kwon went out from prison and came under supervision while Montenegro’s Ministry of Justice deliberated on the final extradition decision.

Meanwhile, Terraform Labs reached a substantial $4.47 billion settlement with the US Securities and Exchange Commission (SEC) to address allegations related to the company’s operations. Terra agreed to wind down its business and liquidate its assets as part of the settlement.

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The Supreme Court of Montenegro has delayed the extradition of Do Kwon, the embattled founder of Terraform Labs, to South Korea. This decision came in response to a request for the protection of legality filed by the Supreme State Prosecutor’s Office (VDT) on August 2, 2024.

Supreme Court Delays Do Kwon’s Extradition To South Korea

The VDT’s request seeks to delay the enforcement of earlier decisions by both the High Court in Podgorica and the Court of Appeal. These courts had earlier approved Do Kwon’s extradition to his home country, South Korea. The Supreme Court panel, led by Judge Seka Piletić, determined that the extradition would be postponed until the court can review the VDT’s request.

Moreover, the decision was influenced by concerns raised about potential legal violations in the process leading to the initial rulings. Hence, the VDT requested that the Supreme Court evaluate whether the extradition decisions adhered to Montenegrin law and international treaties. They also requested an evaluation whether the extradition should proceed to South Korea rather than the United States, according Montenegro news outlet Vijesti.

Hence, the Supreme Court’s decision effectively halted the immediate execution of the extradition. This puts the plans of the Montenegrin Police Directorate and Ministry of Justice on hold. This move also adds another layer of complexity to an already convoluted legal saga that has seen multiple court decisions and revisions over the past several months.

Also Read: XRP ETF Odds Surge As Ripple SEC Lawsuit Ends With Final Ruling

Arguments By Prosecutor’s Office

The Supreme State Prosecutor’s Office submitted the request following a ruling by the Court of Appeal that upheld the High Court’s decision to extradite Do Kwon to South Korea. The VDT argued that there were potential breaches of the Law on International Legal Assistance in Criminal Matters. Hence, they warranted a thorough review by the highest court in the crypto fraud case.

The VDT’s statement explained, “On August 2, 2024, the Supreme State Prosecutor’s Office filed a request for protection of legality before the Supreme Court of Montenegro against the decision of the High Court in Podgorica and the Court of Appeal in the aforementioned case, due to the violation of the Law on International Legal Assistance in Criminal Matters.”

Moreover, the VDT further requested that the Supreme Court temporarily halt the enforcement of these decisions. The prosecutor’s office has requested a final ruling on the legality of the extradition process, which could determine the enforcement.

Terra Founder’s Legal Defense

Do Kwon’s legal representative, attorney Goran Radić, has expressed concern over “inconsistent legal decisions” throughout the extradition process. Furthermore, Radić noted that the prosecution did not object to an earlier decision by the High Court to extradite Kwon to the United States.

However, after that decision was overturned, a subsequent ruling allowed for extradition to South Korea. This places the final decision in the hands of Montenegro’s Minister of Justice. Hence, Radić pointed out that the changes in decisions and the involvement of different authorities in the extradition process have raised questions about the legality and consistency of the actions taken.

He remarked, “Revision of a final decision, which is in favor of the defendant, is not possible except with abuse of position. Since a final decision cannot be changed in a legal way, then there is no point in delaying its execution.” Do Kwon’s defense lawyer also emphasized the broader implications of this case for Montenegro’s legal system.

He highlighted the “judicial disgrace” of having seven separate court decisions regarding Kwon’s extradition, an unprecedented situation in Montenegrin legal history. For context, Do Kwon, who has been in custody in Montenegro since March 2023, is accused of orchestrating a $40 billion crypto fraud. The scheme allegedly involves his companies, Terraform Labs and its associated cryptocurrency, Terra (LUNA).

Also Read: Breaking: Ripple Ordered To Pay $125 Mln Penalty In SEC Lawsuit

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Do Kwon, the controversial co-founder of Terraform Labs, is facing imminent extradition to South Korea. This development comes after a series of legal battles and competing extradition requests from both South Korea and the United States.

The recent ruling by the Montenegro Appellate Court has set the stage for Kwon’s return to his home country, where he is likely to face serious charges related to the dramatic collapse of his crypto project.

Montenegro Court Ruling

The Montenegro Appellate Court has upheld a ruling that Do Kwon, co-founder of Terraform Labs, should be extradited to his home country of South Korea. This decision comes after a series of legal battles in Montenegro, where both the United States and South Korea have been vying for Kwon’s extradition.

The court has however made a ruling on Thursday rejected efforts to send Kwon to the United States, instead affirming that he should face justice in South Korea. This decision marks a crucial step in the ongoing saga surrounding the disgraced former crypto mogul, who has been at the center of controversy since the collapse of his cryptocurrency project.

According to the Podgorica-based court, there is no avenue for appeal against this decision. The ruling also upheld a previously issued fast-track extradition procedure, suggesting that the process may move forward swiftly.

In response to the court’s decision, his lawyer, Goran Rodic said that Montenegro will arrange the extradition with assistance from Interpol. Rodic expressed hope that the transfer would occur “as soon as possible,” indicating that Kwon’s legal team is prepared for the next steps in this international legal process.

Also Read: MicroStrategy Bitcoin Debt At Risk If Cash Flows Don’t Improve

Do Kwon’s Wife Wins Asset Seizure Case in South Korea

As regards related development, the Seoul Southern District Court has ruled in favor of Do Kwon’s wife in all third-party objection lawsuits against the South Korean government’s asset seizure efforts.

This ruling took place on June 19, representing a significant victory for Kwon’s family, as the court determined that the property in question should be classified as his wife’s special property, acquired during their marriage.

The assets at the center of this case include real estate in Seoul’s Seongsu-dong and officetel sales rights in Nonhyeon-dong. These properties were initially frozen as part of a substantial $177 million asset preservation order against Kwon. However, the court has now suspended the execution of foreclosure on these properties pending final confirmation of the judgment.

Also Read: European Central Bank Braces For Two More Rate Cuts, Is US Fed Next?

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The spouse of Terraform Labs founder Do Kwon has secured a significant legal victory against the South Korean government. A Seoul court has ruled in her favor, allowing her to retain ownership of valuable real estate assets that were previously frozen as part of the ongoing investigation into the Terra-Luna collapse.

The ruling challenges the government’s initial asset preservation order and raises important questions about the boundaries between personal and business assets in cryptocurrency-related legal cases. It also highlights the complexities of investigating and prosecuting cases in the crypto industry, where ownership and financial flows can be difficult to trace.

Details of the Legal Victory

The Seoul Southern District Court’s June 19th ruling marks a comprehensive win for Do Kwon’s wife in all third-party objection lawsuits against the South Korean government’s asset seizure efforts. The court determined that the property in question should be classified as the wife’s special property, acquired during her marriage to Kwon.

The assets at the center of this case include real estate in Seoul’s Seongsu-dong and officetel sales rights in Nonhyeon-dong. These properties were initially frozen as part of a substantial 233.3 billion won ($177 million) asset preservation order against Kwon. However, the court has now suspended the execution of foreclosure on these properties pending final confirmation of the judgment.

A key factor in the court’s decision was the presumption that the real estate shares and officetel sales rights are the wife’s special property under Article 830(1) of the Civil Act. The assets were acquired in March and May 2021, during the couple’s marriage. Importantly, the court dismissed the government’s assertion that the properties were actually owned by Kwon and only nominally held in his wife’s name.

Evidence presented in court indicated that Kwon’s wife used funds from her own virtual asset account to make the down payment on the Seongsu-dong property. This finding played a crucial role in the court’s decision to recognize the assets as her special property.

Also Read: German Govt Unloads Another 1125 Bitcoin To Coinbase & Other Exchanges

Broader Implications and Related Developments

This legal victory for Kwon’s family comes amid ongoing legal troubles related to the collapse of the Terra-Luna cryptocurrency ecosystem. While his wife has secured this win, Kwon himself remains a fugitive, wanted on charges of violating capital market laws.

Terraform Labs and Kwon in previous reports have tentatively settled with the U.S. Securities and Exchange Commission (SEC) over fraud charges. This agreement follows a jury’s April verdict finding Kwon and his company liable for deceiving investors about their cryptocurrency products. The settlement is expected to include specific penalties and restrictions on Kwon’s future financial activities.

However, the settlement has not been without criticism. Coinbase’s Chief Legal Officer, Paul Grewal, has expressed concerns about the SEC’s $4.47 billion settlement with Kwon and Terraform Labs, questioning its ability to provide practical solutions for Terraform’s victims. This criticism highlights the ongoing debates surrounding regulatory actions in the cryptocurrency space and their effectiveness in protecting investors and maintaining market integrity.

Also Read: Bitcoin Whale and Shark Wallets With Over 10 BTC At Two-Month High, What’s Next?

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Coinbase’s Chief Legal Officer, Paul Grewal, has criticized the Securities and Exchange Commission’s (SEC) $4.47 billion settlement with Do Kwon and the now-bankrupt Terraform Labs. Grewal raised concerns about the settlement’s ability to offer practical solutions to Terraform’s victims.

Coinbase CLO Questions SEC Settlement with Kwon

Paul Grewal expressed his doubts on the effectiveness of the settlement on X (formerly Twitter) and criticized the SEC for the way they approached the case. He noted that the settlement only requires the SEC to be treated as an unsecured creditor in Terraform’s bankruptcy case and makes Kwon surrender only $7 million of his assets. 

It’s predictably on-brand to tout a settlement with Kwon and the now-bankrupt Terraform totaling $4.7 billion. But the settlement just makes the SEC an unsecured creditor in the BK and only orders Kwon to hand over $7 million of assets he actually has. There’s zero meaningful… https://t.co/x4AFd8gPXs

— paulgrewal.eth (@iampaulgrewal) June 12, 2024

Moreover, according to Grewal, this does not go a long way in providing adequate compensation to the victims of Terraform’s fraudulent practices that saw many lose money.

Piling on the conversation, other influential personalities in the crypto space have shared similar opinions. Ki Young Ju, CEO of CryptoQuant, stated that it was unrealistic for Terraform Labs to possess such funds for the settlement, raising doubts about the legitimacy of their financial activities. Ki’s comments, as a result, give a perspective into the general suspicion within the crypto space about Terraform Labs’ transparency and moral standards.

Ripple CLO Stuart Alderoty also joined the fray and accused the SEC of “touting a big penalty” again. Alderoty seems to draw a connection with the SEC asking a $2 billion fine from Ripple. Moreover, he remarked, “But the SEC actually will end up a creditor in bankruptcy court (see BlockFi). The SEC has become a show regulator chasing headlines rather than good policy.”

Terraform Labs to Pay $4.47B to Settle SEC Charges

The settlement agreement requires Terraform Labs to pay the SEC $3.58 billion in disgorgement and $420 million in civil penalties. This comes after a jury in April ruled that Do Kwon and his firm had defrauded investors in their cryptocurrency products.

The case which is being presided over by Judge Jed Rakoff of the U. S. District Court for the Southern District of New York, has come to a crucial decision by filing the settlement terms.

Assuming Terraform Labs actually has $4.47 billion to pay… why is that capital going to a soulless government agency vs being used to compensate Terra’s victims?

Is this what ‘protecting investors’ is supposed to look like? If so, I’d like to opt out, thanks https://t.co/nvSdJqnU2i

— Zach Rynes | CLG (@ChainLinkGod) June 12, 2024

However, the crypto community and industry leaders are worried about how the settlement funds will be distributed and where they will end up. Zach Rynes, a community liaison at Chainlink, also expressed discontent with the fact that the settlement will be paid to the SEC instead of the affected people of Terra’s collapse.

This criticism, consequently, can be associated with the emerging discourse concerning the necessity of increasing the focus of regulatory measures on investor protection and the return of stolen funds.

Read Also: Bitcoin Short-term Investment Hits New Highs with ETF Popularity

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Terraform Labs, the startup led by Do Kwon and responsible for the collapsed LUNA cryptocurrency and TerraUSD (UST) stablecoin, has agreed in principle to settle with the United States Securities and Exchange Commission (SEC) over fraud charges. News of the tentative settlement was first reported by Reuters. The court listing indicates that all parties have informed the court of an agreement, with filings due by June 12.

Terraform Labs and its CEO, Do Kwon, have tentatively settled with the U.S. Securities and Exchange Commission (SEC) over fraud charges. This agreement follows a jury’s verdict in April, where Kwon and his company were found liable for deceiving investors about their cryptocurrency products. As part of the settlement, specifics on penalties and restrictions on Kwon’s future financial activities are expected, with official filings due by June 12.

Terraform Labs Reaches Settlement with SEC

The legal challenges for Kwon and Terraform Labs partially ended with the recent settlement announcement. Previously, the SEC had pushed for substantial civil penalties against the duo, alongside a possible permanent ban from the securities industry. This settlement likely includes financial reparations, reflecting the severe nature of the charges. Details remain under wraps until the June filings, but they will crucially determine the financial burden on Kwon and Terraform Labs.

Furthermore, this settlement does not end Kwon’s legal woes. He still faces charges from the U.S. Department of Justice (DOJ) and South Korean authorities, each alleging various financial crimes. The complexity of these charges highlights the broader legal strategy against Kwon’s operations, which have been under scrutiny since the dramatic collapse of his cryptocurrency empire last year.

Following the announcement of the settlement, LUNA‘s market price surged by 20%, a positive response from investors buoyed by the resolution of some uncertainty. This price increase is a direct consequence of reduced investor anxiety, reflecting renewed confidence in the asset’s stability.

Moreover, this uptick is not just a momentary gain; it suggests a possible stabilization of LUNA’s market position. Terra Luna community awaits further developments, particularly Kwon’s remaining legal battles and their implications for Terraform Labs’ operations. The outcome of these cases will undoubtedly influence investor sentiment further and could dictate LUNA’s trajectory in the coming months.

Do Kwon Extradition Struggle Continues Post Settlement

Despite this settlement, Do Kwon’s legal troubles are far from over. He remains embroiled in a complicated extradition battle involving the U.S. and South Korea. Both countries have shown keen interest in prosecuting Kwon after his arrest in Montenegro for possessing a false passport.

This ongoing tug-of-war has seen multiple extradition requests being approved and overturned, complicating Kwon’s legal situation. Kwon was temporarily released from a Montenegrin prison in March, yet he had to stay in the country until his extradition issues were resolved. 

Also Read: Donald Trump, Elon Musk Engage on Possible Crypto Policies Ahead of November Elections

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The Appeals Court of Montenegro has overturned an order to extradite Do Kwon to South Korea. Kwon, the cryptocurrency entrepreneur behind Terraform Labs, faces charges related to the collapse of his company, which led to significant financial losses.

Terraform Labs Founder Do Kwon Extradition Blocked

For months, both South Korea and the United States sought Kwon’s extradition due to his suspected role in the Terraform Labs scandal. The company’s collapse wiped out approximately $40 billion of investors’ money, shaking the global crypto markets. The Appeals Court accepted the appeals of Kwon and his defense attorneys, revoking the earlier decision by the High Court in Podgorica. This ruling returns the case to the first-instance court for retrial and decision.

Kwon had been on the run for months after fleeing South Korea and Singapore before the company’s crash in 2022. He and an accomplice were arrested in Montenegro in March last year. Montenegro deported Kwon’s business partner, identified only by his initials J.C.H., to South Korea in early February.

Terraform Labs marketed TerraUSD as a stablecoin, designed to prevent drastic fluctuations by pegging to stable assets like the US dollar. Kwon successfully promoted TerraUSD and its sister token, Luna, as the next big thing in crypto, attracting billions in investments and global hype. However, both tokens entered a death spiral in May 2022, leading to significant financial losses for investors.

Experts have claimed that Kwon set up a glorified Ponzi scheme, causing many investors to lose their life savings. Terraform Labs’ collapse remains one of the most significant financial debacles in the cryptocurrency world.

Terraform Labs Faces SEC’s Multi-Billion Penalty

The United States Securities and Exchange Commission (SEC) sought to impose significant penalties on Terraform Labs and Do Kwon following a civil case verdict. In an April 19 filing in the U.S. District Court of New York, the SEC demanded $4.7 billion in disgorgement and prejudgment interest, plus $520 million in civil penalties. Terraform suggested a maximum civil penalty of $3.5 million, which Kwon opposed, arguing for a much lower amount of $800,000.

The SEC also recommended disqualifying Kwon from being an officer or director of a security issuer and ensuring full disclosure of banking accounts and assets. Additionally, the SEC wants to impose a conduct-based injunction on Terraform to prevent any repetition of this misconduct in the future.

Also Read: Chinese Woman Sentenced to Over 6 Years Jail Term in 61,000 BTC Fraud Case

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In March 2024, a New York Jury slapped fraud charges against Terraform Labs and its co-founder Do Kwon with the U.S. regulators demanding them to pay $5.3 billion in penalty. However, the lawyers representing Terraform have refused these allegations stating that the firm sold most of the UST stablecoins outside the United States.

Terraform Lawyers Refuse SEC’s Charges

On April 5, Terraform and Kwon were found guilty of fraud after a two-week trial. Following this, the SEC pushed for a substantial fine, which, if imposed, would be the largest in the crypto industry’s history, reflecting increased regulatory scrutiny from US authorities. In a recent filing, the SEC emphasized the need for the court to send a clear message that it won’t tolerate such blatant misconduct.

The SEC accused Terraform and Kwon of accruing over $4 billion in “ill-gotten gains” through unregistered token sales, which included LUNA and UST. UST, Terraform’s algorithmic stablecoin intended to maintain parity with the US dollar, suffered a collapse in 2022, resulting in a staggering $40 billion loss in market value.

However, in a filing submitted on Wednesday, May 1, Terraform’s lawyers countered that the majority of token sales occurred outside the US and that the SEC failed to provide evidence linking Terraform and Kwon’s limited US activities to any significant losses, let alone the billions sought by the SEC in disgorgement.

In a distinct filing on Wednesday, Kwon’s legal team contended that the SEC had not demonstrated that his involvement with Terraform would have a significant and foreseeable impact in the United States. The lawyers said:

“Mr. Kwon’s role in the conduct that forms the basis of the SEC’s requested judgment was performed entirely abroad, in Korea and Singapore”.

Last week, Terraform Labs submitted a filing stating that the SEC’s demand for $5.4 billion is unjustifiable. Back then, the Terraform Lawyers said that a fine of $1 million would be more appropriate.

Setting Up An Example

The SEC Enforcement Division’s director, Gurbir Grewal, responded positively to the verdict, emphasizing the importance of compliance in the crypto industry. He highlighted the severe losses suffered by investors due to Terraform Labs’ actions, presenting the case as a significant example.

Grewal’s remarks underscore the SEC’s vital role in protecting retail investors and the broader market. The ruling is expected to caution other crypto entities against engaging in deceptive practices, serving as a deterrent.

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Do Kwon, co-founder of cryptocurrency firm Terraform Labs, is currently facing extradition requests from both South Korea and the United States. Recently, his legal representatives in Montenegro appealed against a ruling by the Podgorica High Court that found grounds for his extradition to both countries.

Legal Battle in Montenegro

Do Kwon’s legal team in Montenegro has launched a vigorous defense against the Podgorica High Court’s decision to extradite him to both South Korea and the United States. They assert that the court’s ruling lacks a solid legal foundation and is, in fact, deemed unlawful. The crux of their argument revolves around the allegation that the court’s interpretation of legal provisions was flawed and questionable.

This contention raises significant concerns about potential political influence in the extradition process, suggesting that the court’s decision may have been swayed by external factors rather than an objective assessment of the case. Furthermore, Do Kwon’s legal representatives advocate strongly for a fair and unbiased evaluation of his extradition case. They emphasize the importance of upholding legal principles and ensuring that justice is served impartially, without undue influence or bias.

As the legal battle unfolds, the decision on Kwon’s extradition destination remains pending, awaiting further rulings from both the judiciary and the country’s justice minister. This ongoing legal battle highlights the complexities and challenges inherent in extradition cases involving multiple jurisdictions and underscores the need for a thorough and transparent legal process.

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Supreme Court Reversal and Implications

In a significant turn of events, Montenegro’s Supreme Court has recently overturned a previous decision seeking to extradite Do Kwon to South Korea. This reversal comes in response to an appeal by prosecutors, who contested the lower court’s rejection of Kwon’s legal team’s appeal. Citing procedural irregularities in the handling of the extradition request, prosecutors argued that a thorough assessment of the case was necessary to ensure fairness and justice.

Moreover, this reversal serves as a reminder of the complexities involved in extradition cases, particularly those involving multiple jurisdictions and competing interests. As the legal proceedings continue, the implications of the Supreme Court’s decision will be closely watched, shedding light on the intricacies of international legal processes and their impact on individuals facing extradition.

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The United States Securities and Exchange Commission (SEC) is seeking to impose significant penalties on Terraform Labs and its co-founder, Do Kwon, following a civil case verdict. In an April 19 filing in the U.S. District Court of New York in the Southern District of New York, the SEC demands that about $4.7 billion should be given back as disgorgement and prejudgment interest, plus $520 million in civil penalties. This is a total of $520 million provided by Terraform and $100 million from Kwon.

However, Terraform and Kwon had opposing views on how the penalties could be imposed. The crypto firm suggested a maximum civil penalty of $3.5 million, which was strongly opposed by Kwon, who argued for a much lower amount of $800,000. Along with the financial judgment, the SEC also recommended disqualifying Kwon from being an officer or director of a security issuer and ensuring full disclosure of banking accounts and assets. The SEC also wants to impose a “conduct-based injunction” on Terraform to avoid any repetition of this misconduct later.

Terraform, Kwon Found Liable for Investor Fraud

In its filing, the SEC emphasized the defendants’ purported lack of remorse for their actions and the potential for future violations. The commission stated, “Defendants have not shown remorse for their conduct, nor can there be any doubt that they are in the position where additional violations are not only possible but likely are already occurring.” The SEC highlighted the need for a clear message to deter similar misconduct, particularly regarding attempts to justify actions through new standards in crypto markets, contrary to federal securities laws.

The proposed remedies and civil judgment are pending approval by a judge. This development follows a jury’s verdict on April 5, which found Terraform and Kwon liable for defrauding investors concerning statements related to the offer and sale of TerraUSD (UST), Luna, and wLUNA. A Terraform spokesperson previously stated that the firm was “carefully weighing [its] options and next steps.” 

Terraform and Do Kwon Found Liable for Defrauding Investors

The civil action against Terraform Labs and Do Kwon arises from fraudulent issuance involvement and the accused’s selling of TerraUSD (UST), Luna, and wLUNA. On April 5, the jury decided that both the Terra and Kwon managers were at fault for deceiving investors through intentionally providing false messages. The SEC’s subsequent motion for disgorgement and civil penalties seeks to address the financial ramifications of the fraudulent activities.

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The High Court in Montenegro, after re-evaluating the upturn of Do Kwon’s extradition to South Korea by the Local Supreme Court, has ruled that the legal requirements to send the embattled Terraform Labs co-founder to either the United States or Korea have been fulfilled. 

The Do Kwon Extradition Saga

The Montenegro High Court cleared Do Kwon, the key figure involved in the cryptocurrency Terra Luna crash, for extradition per the latest sitting this week. One major twist at the moment was that the court was not explicit on whether he should be sent to the US or South Korea. 

Notably, in the last few months, there has been a lot of back and forth about where the former crypto CEO should be extradited to, considering that he has criminal charges against him in both the two countries under contention for him. 

In the first week of March, a High Court in Montenegro ruled that Do Kwon should be extradited to South Korea. This was a reversal of an initial motion by another court in Montenegro that Kwon be extradited to the U.S. 

The contention came as his projected extradition to his native town was not supported by Montenegrin prosecutors who outrightly refused to accept the court’s verdict. This necessitated a review of the South Korean ruling.

Supreme Court Puts US At An Advantage

Per the complex turn in the Do Kwon extradition and ruling, Prosecutors demand a review from the Supreme Court on the extradition. These lawyers cited procedural irregularities in handling extradition requests from both the United States and South Korea. According to a statement from the U.S. Department of Justice (DOJ), 

“The United States continues to seek Kwon’s extradition in accordance with relevant international and bilateral agreements and Montenegrin law. The United States appreciates the cooperation of the Montenegrin authorities in ensuring that all individuals are subject to the rule of law.”

Upon reviewing the motion, the Supreme Court chose to overturn the South Korea extradition ruling. The court emphasized the need for a thorough evaluation by the High Court in Podgorica. 

While the decision of his final extradition destination has not been concluded and has been left to the discretion of Minister of Justice Andrej Milovic, the verdict of the Supreme Court places the U.S. at an advantage in this matter.

Per a statement from the Supreme Court, “The decision to approve or prioritize extradition of criminals should be made by the competent minister, not the court.”

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In a significant turn of events, Montenegro’s Supreme Court has recently overturned a previous ruling that aimed to extradite Do Kwon, co-founder of Terraform Labs Pte., to South Korea. The decision came after prosecutors appealed the lower court’s rejection of Kwon’s legal team’s appeal, citing procedural irregularities in handling extradition requests from both the United States and South Korea.

Specifically, the Supreme Court emphasized the importance of conducting an individual assessment of the legal grounds for extradition, stressing the need for thorough evaluation by the High Court in Podgorica. This reversal underscores the complexity and sensitivity surrounding extradition cases involving multiple competing requests from different jurisdictions, highlighting the meticulous legal procedures required in such matters.

Boost for US Prosecution Efforts

The recent ruling by Montenegro’s Supreme Court has provided a significant boost to US efforts to prosecute Do Kwon for alleged fraud charges related to the collapse of TerraUSD stablecoin in 2022. Kwon, who has been detained in Montenegro since March 2023 for traveling on a fake passport, faces extradition requests from both South Korea and the US.

The decision on extradition ultimately rests with Montenegro’s justice minister, with indications suggesting a leaning towards honoring the US extradition request. This development underscores the international collaboration and legal intricacies involved in prosecuting individuals accused of financial crimes across borders, reflecting the global reach of law enforcement efforts in combating fraudulent activities within the cryptocurrency ecosystem.

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Jury Finds Kwon Liable for Fraud in US Lawsuit

Following a closely watched trial in New York, a jury has found Do Kwon and Terraform Labs liable for fraud in a lawsuit filed by the US Securities and Exchange Commission (SEC) concerning the company’s 2022 collapse. The trial revealed damning evidence of misconduct, concluding that Kwon and Terraform misled investors, resulting in substantial losses estimated at up to $40 billion in cryptocurrencies.

This verdict not only marks a significant legal victory for the SEC but also serves as a stark warning to individuals and companies operating within the cryptocurrency industry. It underscores the regulatory scrutiny and legal repercussions faced by those involved in fraudulent activities, highlighting the importance of transparency, accountability, and regulatory compliance in fostering trust and integrity within the evolving crypto market landscape.

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On April 5, a jury in Manhattan gave a civil verdict for Terraform Labs and its co-founder Do Kwon to defraud clients. The allegations were brought up by the US Securities and Exchange Commission (SEC). The taking of this move is quite significant in the context of cryptocurrency scrutiny. Terraform Labs and Do Kwon faced accusations of misleading investors about the stability of UST stablecoin and making false claims about their technology’s use in the Korean payment system, Chai.

Later, after the verdict, Terraform Labs announced that they disagreed with the jury’s finding. The defense suggested that the case lacked the clear arguments the jury needed to make their decision. Moreover, they objected to the authority of the SEC to undertake the action. They announced they would ponder their next plan carefully, indicating a possibility of an upcoming appeal for support. This is a testament to the company’s strong stand for the accusations and unwavering stance to fight the legal results.

Terraform Labs Statement on Verdict in SEC Proceedings:

We are very disappointed with the verdict, which we do not believe is supported by the evidence. We continue to maintain that the SEC does not have the legal authority to bring this case at all, and we are carefully…

— Terra Powered by LUNA (@terra_money) April 5, 2024

Terraform Labs Verdict Sets Regulatory Precedent

The SEC Enforcement Division’s director, Gurbir Grewal, touched on the verdict in a positive tone. Grewal brought up the significance of adherence from the companies in this crypto world. He argued that the case was a catastrophic example of the losses that investors faced due to Terraform Labs’ actions. Grewal’s comment illustrates the SEC’s integral role as the guardian of the retail investors and the market as a whole. The judgment should serve as a deterrent to other crypto entities, warning them about the price of false practice.

The SEC case against Terraform Labs is another example of a sustained policy of market regulation in the crypto field. The implication of that is that this ruling helps formulate future regulations and create investor confidence. The organization intends to be proactive in safeguarding against fraud and maintaining public awareness about cryptocurrencies’ fast-changing environment. Given this situation, the result of this case can hold sway on future regulatory approaches for a long time.

Terra’s Do Kwon Entangled in Criminal Charges

In addition to the SEC lawsuit, Do Kwon is involved in criminal charges in the US and South Korea, in which he’s been dragged. Such charges reflect his involvement in the crash of Terra’s LUNA cryptocurrency. The ordeal involving Kwon is not just a civil domain in nature; rather, it puts him in a predicament. The extradition cases of Kwon encountering delays in Montenegro have not been spared. Initially US-centered, the ultimate approval of extradition spurred interest in South Korea after an Appeals court decision.

The first one was the High Court of Montenegro, which agreed to Kwon’s extradition. Yet, the Supreme Court has since stayed the extradition process. Kwon’s future is now in the hands of the Ministry of Justice, who will decide. In this legal drama, the news circulates internationally, and the intensity of the defeat is felt by the people of Terraform Labs all over the world.

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Terraform Labs co-founder Do Kwon has been found liable for fraud in a United States government lawsuit over the collapse of the firm in 2022.

SEC Sues For Liability Charges Against Terraform Labs

Following a two-week-long trial in New York, the court came to the conclusion that Do Kwon and Terraform Labs misled investors in the event that led to the loss of up to $40 billion in cryptocurrencies. This, in turn, armed the United States Securities and Exchange Commission (SEC) in its crackdown movement against crypto entities. 

Per a Bloomberg report, it was discovered that Kwon and Terraform Labs made a false claim that popular Korean payment application Chai made transactions using Terraform Labs’ blockchain technology. Additionally, the jurors noted that investors were not duly informed about the instability status of the UST stablecoin. Do Kwon and Terraform Labs went as far as telling investors that the stablecoin is algorithmically pegged to the U.S. dollar.

The SEC has asked the jury for a finding of liability and the court to award civil penalties to the defendants. This would include payment of ill-gotten gains and prejudgment interest. This is another interesting case involving the SEC and a high-profile crypto firm following SBF’s 25-year sentence a few days ago.

Do Kwon Extradition Case Nearing Its End

Meanwhile, there has been some back and forth in the Do Kwon/Terraform Labs lawsuit. The young crypto entrepreneur was arrested in Montenegro about a year ago after he tried to leave the country in disguise. Since that time, the Montenegrin authorities have been considering whether to extradite Kwon to the U.S. or South Korea. Notably, he has criminal charges against him in both countries. 

There is a high likelihood that his trial will be in New York especially after the Balkan nation’s Supreme Court reversed previous decisions including handing him over for trial in his native country. The decision was made after the prosecutors’ appeal of the appellate court’s rejection of Kwon’s legal team’s appeal. 

The Supreme Court emphasized how necessary it is for the High Court in Podgorica to make an individual evaluation of the legal grounds for extradition.

Do Kwon’s extradition to either the U.S. or South Korea remains a decision for the High Court to make.

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A lower court ruling about the extradition of the co-founder of Terraform Labs, Do Kwon, has been reversed by the Supreme Court of Montenegro. The decision was made following the prosecutors’ appeal of the appellate court’s rejection of Kwon’s legal team’s appeal. The Supreme Court’s announcement dated April 5 emphasized procedural violations of the lower court, particularly in dealing with rival extradition requests from the United States and South Korea.

The Supreme Court, in turn, clarified its stand on extradition cases involving competing requests from different countries. It stressed the necessity for the High Court in Podgorica to make an individual evaluation of the legal grounds for extradition. The court is not the final body of extradition orders, but a competent minister has the powers. This judgment refers the matter back to the High Court, which will determine whether Kwon should be returned to the U.S. or South Korea.

Do Kwon Faces Charges, Awaits Extradition Decision

Do Kwon face criminal charges in both the United States and South Korea, despite these charges, he has been allowed to travel within Montenegro pending the extradition decision. Kwon was arrested in March 2023 for using falsified travel documents, which put him at the center of international legal scrutiny. Meanwhile, the U.S. Securities and Exchange Commission (SEC) proceeds with a jury trial against Terraform and Kwon, using his previous statements in court.

The case against Terraform Labs and its co-founder is ongoing, drawing attention to the legal complexities of cross-border financial crimes. The decision of the Montenegro Supreme Court introduces a new phase in the legal battle, underscoring the intricate process of international extradition. 

Other Terraform Labs Indictments

While Do Kwon’s extradition situation unfolds, Terraform Labs’ former chief financial officer, Han Chang-joon, faces legal challenges of his own. Arrested in March 2023 alongside Do Kwon, Han has been extradited to South Korea. This move signals South Korea’s aggressive stance on prosecuting individuals connected to Terraform Labs. South Korean authorities have indicted several individuals associated with the company, including co-founder Hyun-seong Shin.

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The U.S. Securities and Exchange Commission (SEC) lawsuit against Terraform Labs (Terra) and co-founder Do Kwon approaching the end of the jury trial. Defense attorneys from the world’s largest global law firm Dentons are going to give final arguments in the federal court today.

Jury Trial on Terra Vs SEC Reaches Final Stage

Attorneys representing Terraform Labs and co-founder Do Kwon are set to give their final arguments in front of the jury, reported Reuters on April 5.

The U.S. SEC accused Terraform Labs and Do Kwon of defrauding investors which caused the $60 billion Terra-LUNA crisis in 2022. The SEC alleges that Terraform misled investors about stability and TerraUSD (UST), an algorithmic stablecoin. Also, the SEC argues defendants falsely claimed Terra blockchain use in another co-founder Daniel Shin’s mobile payment app Chai Corp.

Defense attorneys argued that the SEC’s claims were out of context from wrong statements and relied on witnesses aimed to get whistleblower payouts if the SEC emerges victorious in the lawsuit.

The securities regulator seeks penalties, fines, and orders that TFL and Do Kwon violated securities laws. Meanwhile, Do Kwon didn’t attend the jury trial, which started on March 25, as Montenegro and South Korean authorities planned to extradite Do Kwon to South Korea.

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Judge Provides Jury Instructions

Judge Rakoff provided the jury with a brief overview of the US SEC lawsuit against Terraform Labs and Do Kwon. Also, the detailed jury instructions will replace earlier preliminary instructions after all evidence and closing arguments are presented by both parties.

The SEC during the lawsuit and jury trial mentioned how Do Kwon and Terraform Labs secretly transferred funds outside the company, used arrangements to prop up the prices of Terra and LUNA, and lied to its investors.

Brian Curran, the former head of communications at Terraform Labs, testified against Terra and disclosed the company’s misleading practices.

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