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Terraform Labs CEO Likely to Miss Start of Civil Trial in US

Written: 2024-02-27 09:36:59Updated: 2024-02-27 15:39:15

Terraform Labs CEO Likely to Miss Start of Civil Trial in US

Photo : YONHAP News

Kwon Do-hyeong, the disgraced co-founder of cryptocurrency firm Terraform Labs, is likely to miss the start of a civil trial in the U.S. set for March 25. 
In a letter filed in a U.S. court on Monday, Goran Rodic, Kwon’s lawyer in Montenegro, said that Kwon is unlikely to be extradited to the U.S. before late March and thus will miss the proceedings.

Last Wednesday, the High Court in the Montenegrin capital of Podgorica permitted the extradition of Kwon to the U.S., rejecting South Korea’s request for his extradition. Following the verdict, Rodic said Kwon would continue the legal battle to avoid extradition to the U.S. 

Kwon and his company Terraform Labs were sued by the U.S. Securities and Exchange Commission last February over the 2022 collapse of the TerraUSD and Luna cryptocurrencies, which authorities have said caused losses of more than 50 trillion won, or 37 billion U.S. dollars, in crypto markets.

Kwon had fled to Singapore, Dubai and Serbia before being arrested at Podgorica airport in March last year for attempting to fly out of the country using fake passports.

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