- 1 The Counsel of Do Kwon requested the US court to extend or delay the trial of its clients.
- 2 The trial of the arrested Terra founder is scheduled at the end of January 2024.
- 3 As per CoinMarketCap, when writing LUNA was trading at $0.75 with a decline of 51.39% in the past 365 days.
Most recently, the Counsel representing Kwon has requested the US court to extend or delay the Securities and Exchange Commission (SEC)trial against him, as he is not aware when he will be extradited from Montenegro.
In the same filing, the counsel informed the court that proceedings of extradition are not going as fast as it was expected, however, there is less possibility that Do Kwon might reach the United States before February or March.
However the trial of the arrested Terra founder is scheduled at the end of January 2024, if the court approves the request of the Counsel, then the dates might get extended.
In case of rejection, the request for a delay, Kwon’s counsel has advised instructing the jury to consider his absence and inability to testify as not unduly prejudicial to him.
Do Kwon, the former CEO of Terra was earlier detained by Montenegro police authorities at the Montenegro airport, it is believed that if the officials have not arrested him, he might have fled to some other nation.
The official seized a doctored Costa Rican passport, a separate set of Belgian passports, laptop and other items in his luggage. Before the collapse of Terraform labs, Do Kwon was among the leading crypto moguls.
The Terra Demise
Terraform Labs launched its algorithmic stablecoin in September 2020, which was pegged to the United States dollar. Both the cryptocurrencies of the ecosystem failed due to constant outsized sell-offs by investors.
This event led to a sudden decline in prices and over Billions of dollars went out of the market in just a couple of days. The SEC charged Do Kwon and his company Terraform Labs with securities fraud for creating a fraudulent scheme that resulted in investors losing billions.
LUNA, LUNC and Crypto Market Overview
As per CoinMarketCap, when writing, LUNA was trading at $0.75 with a decline of 51.39% in the past 365 days. The all time high of the coin is $19.54, which it achieved on May 28,2022.
At the same time, Terra Classic (LUNC) was trading at $0.0001297, with an intraday decline of 1.30%. In the yearly time frame, it lost 20.84% of its trading price. Notably, in May 2022, the token was trading at $200 which is also considered as its all time high.
Meanwhile, Bitcoin has crossed the much awaited resistance of $45k several times. As of writing, BTC was trading at $45,834 and it faced a decline of 3.25%.
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.