• Sun. Jul 14th, 2024

March Trial Set for Former Terraform Labs Chief Do Kwon After Initial Delay

Xavier Jackson

ByXavier Jackson

Jan 17, 2024

The jury trial for Do Kwon, the former CEO of Terraform Labs, has been postponed to March. Kwon, who was charged by the Securities and Exchange Commission (SEC) in February following the collapse of the algorithmic stablecoin Terra USD, was initially set to face trial on January 29.

Delayed Trial for Former Terraform Labs CEO Do Kwon

The trial for Do Kwon, the former CEO of Terraform Labs, has been rescheduled for late March. This decision comes after Kwon’s legal representation expressed difficulties in securing his release from Montenegro, where he is currently detained due to a prior conviction. 

Kwon faces charges from the SEC related to the collapse of the algorithmic stablecoin Terra USD. His trial, initially set for January 29, has been pushed back as uncertainties remain about his timely extradition from Montenegro.

Judge Jed Rakoff of the U.S. District Court for the Southern District of New York acknowledged the lack of a guarantee for Kwon’s release in time for the trial.

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Despite these challenges, the court acceded to the request of Kwon’s counsel, who recognized that further delays could not be accommodated. Consequently, Judge Rakoff has set the new trial date for March 25.

Legal Complications Delay Kwon’s Trial Further

Kwon’s lawyers explained that despite efforts to expedite his extradition, the process has been hindered by various complexities, including the concurrent extradition requests and his ongoing sentence in Montenegro. Kwon was apprehended last March at a Montenegrin airport for using forged documents.

In relation, Judge Jed Rakoff ruled in favor of the SEC last month regarding their claim that Kwon and Terraform Labs engaged in the offering and sale of unregistered securities.

Rakoff granted a summary judgment for the SEC on this particular claim. However, the court also ruled in favor of Terraform Labs on certain claims related to offering and conducting transactions in security-based swaps, as per an order filed in December.

Terra (LUNA) Announces New Era with Interchain NFTs

Terra (LUNA) has recently issued a significant notice to NFT projects on its network, marking the beginning of a new era on the Terra network. This announcement, shared through the official Terra X handle, highlights the introduction of interchain NFTs to Cosmos, facilitated by the Ark Protocol. 

This development promises to bring considerable benefits to Terra, particularly for NFT-related projects on its network. These projects will have the opportunity to showcase their NFTs across multiple chains, with Ark Protocol set to select collections for its upcoming phase.

Chris Amani, CEO of Terra, echoed this announcement on X, drawing the NFT community’s attention to this pivotal development.

Following the collapse of its ecosystem in May 2022, the new Terra blockchain, launched post-crisis, has been focused on a resurgence, rebuilding from the remnants of its former glory.

The year 2023 saw the implementation of various community proposals and updates, a trend that has continued into the early days of 2024. A quick look through Terra’s X feed reveals new upgrades and developments, including the release of Station v3 Extension. 

This release represents the beginning of the Station v3 rollout, now available in the Chrome Web and Microsoft Edge stores. The v3 dashboard and mobile apps are anticipated to be released in the coming weeks.

Despite these advancements, the price of Terra (LUNA) remains subdued, continuing a downtrend that began in early December 2023. However, there has been a slight uptick in the last 24 hours, with LUNA’s price rising 1.71% to $0.74 at the time of writing.

Xavier Jackson

Xavier Jackson

Xavier Jackson is a talented and versatile news writer with a knack for delivering compelling stories. With a dedication to accurate reporting and a captivating writing style, his articles provide readers with insightful and thought-provoking perspectives on current events.

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