- Kwon’s legal counsel is firmly against allowing him to testify before the U.S authorities.
- According to his legal team, it is impossible to extradite him to the U.S.
Do Kwon, Terra Labs’ founder, is in the middle of a legal dispute with the SEC. His extradition to the United States is a top priority for the SEC. By taking these measures, it hopes to open up dialogue about the catastrophic losses of the Terra ecosystem. Kwon’s lawyers, though, have steadfastly refused, claiming it’s impossible to comply.
According to court filings submitted in the U.S District Court for the Southern District of New York, Kwon’s legal counsel is firmly against allowing him to testify before the U.S authorities. Kwon has been detained in Montenegro without trial since March. Therefore, according to his legal team, it is impossible to extradite him to the U.S.
Fighting Back Hard
Moreover, Kwon’s legal team is arguing primarily on the basis of his entitlement to due process. They argue that a court order that demands the impossible weakens the authority of the court and accomplishes nothing useful. While the SEC insists on extraditing Kwon, his legal team is fighting back hard and is trying every possible strategy to prevent it.
The Securities and Exchange Commission filed suit against Terraform Labs in February 2023, accusing it of misleading investors about the reliability of its TerraUSD stablecoin.
Major investor funds vanished in the severe falls of both TerraUSD and Terra’s native LUNA token in 2022. The agency is pushing to talk to Kwon even more as the October 13 discovery deadline approaches. The catastrophic fall affected the entire sector, and brought severe scrutiny by regulators across the globe.
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