Terraform Labs co-founder Do Kwon’s court hearing has been postponed again at the request of lawyers representing the fugitive. The conference hearing was supposed to take place on June 12. The request for the delay was made on June 9 by Do Kwon and U.S. lawyers.
The legal counsel representing Do Kwon has made this request as discussions continue between the founder’s lawyers and the U.S. government. This is not the first time Do Kwon has had proceedings delayed. Prosecutors previously asked for a court hearing delay so Do Kwon’s defense team could review 4 terabytes of evidence as per a Protos news release.
In 2022, UST and LUNA were two highly bought cryptocurrencies, but the burn mechanism-based relationship between the stablecoin and the cryptocurrency led to a collapse of the whole ecosystem, wiping $40 billion overnight from the market. This also impacted cryptocurrency companies like Celsius, which collapsed from the fallout.
After the collapse of Terra’s stablecoin, Do Kwon escaped to Montenegro, where he was arrested by U.S. authorities and extradited.
Do Kwon now faces a lawsuit brought by the U.S., which could land him 33 years in jail. He stands accused of securities fraud, wire fraud, and other charges. The allegations against Do Kwon are that he deliberately orchestrated schemes, manipulated markets, and misrepresented the stability of his company’s products.
