When Kwon is away, he starts experimenting with Terraform Labs and Do Kwon in NYC
Experimentation at Terraform Labs and Doe Kwon begins after prison in NYC. The SEC charged Kwon with fraud over the collapse of TerraUSD, which resulted in a 40B loss. As the NYC trial takes place, the US and South Korea are fighting to extradite him.
A pivotal moment for the cryptocurrency world, the trial of Terraform Labs and its founder Do Kwon began today in New York City.
💥 GM CryptoX – 2 x important days for crypto bad boys
🔸 Today is the start of Do Queens US
— RR2Capital (@RR2Capital) March 25, 2024
Ironically, the development set the stage for a legal battle that attracted international attention following Kuo's release from prison in Montenegro.
Quon's trial jury selection is already underway.
The hearing, led by the United States Securities and Exchange Commission (SEC), revolves around a May 2022 lawsuit against Terraform Labs' TerraUSD stablecoin.
With more than $40 billion in market value losses, the SEC accused Kwon of orchestrating a fraudulent scheme to manipulate the price of TerraUSD to deceive investors.
Kwon was charged with violating registration and anti-fraud provisions under the Securities Act and the Exchange Act.
Civil trials result in fines rather than imprisonment, the outcome of this case has significant implications for cryptocurrency regulation.
The US and South Korea are embroiled in a legal dispute over Do Kwon's extradition.
As the trial continues, both the US and South Korea are embroiled in a legal battle over Kwon's extradition.
South Korea launched the pursuit after Kwon allegedly violated national market laws, prompting a nearly year-long international manhunt.
Kwon's arrest in Montenegro on charges of document forgery in March 2023 marked a turning point in the legal saga.
Several legal battles followed his arrest and subsequent detention in Montenegro as Do Koon's legal team fought to leave the country. There is a back-and-forth between the people when the High Court issues an extradition order, which is promptly overturned on many appeals.
Do Kwon was finally released over the weekend. However, despite his release, authorities have denied Kwon access to his passport, raising speculation about his next move.
The unresolved extradition dispute adds further complexity to the case, making it uncertain when and where Kwon might be extradited.
The collapse of TerraUSD, once hailed as an innovative stablecoin, has sent shockwaves through the cryptocurrency ecosystem, highlighting the need for regulatory oversight.
With celebrities like Kwon and FTX founder Sam Bankman-Fried facing legal backlash, the industry is concerned about transparency and accountability.
The outcome of the NYC trial will undoubtedly shape the future of digital finance as authorities look to protect investor protection and maintain market integrity.
