The US authorities’s case in opposition to Terraform Labs co-founder Do Kwon has been postponed till April after prosecutors uncovered an extra 4 terabytes of proof.
Motive for the Delay
Supply: CourtListener
Decide Paul Engelmayer rescheduled the listening to from March 6 to April 10. Prosecutors said in a February 27 letter that they would offer Kwon’s authorized workforce with 4 terabytes of latest proof. (Adjournment discover within the picture – LINK)
The proof consists of knowledge from digital accounts and third-party sources. Kwon’s authorized workforce now has extra time to overview the knowledge.
New Proof Particulars
Prosecutors have already handed over roughly 600 gigabytes of knowledge, together with data from 4 cellphones beforehand owned by Do Kwon. The proof additionally consists of emails from Kwon’s private and enterprise accounts, extradition-related paperwork, and supplies obtained by the FBI in Montenegro.
Moreover, the case information include statements made by Do Kwon to the U.S. Securities and Trade Fee (SEC) and information of his cryptocurrency buying and selling exercise.
Case Background
The Terra Luna ecosystem collapsed in Could 2022, wiping out $60 billion in market worth after its stablecoin, TerraClassicUSD (USTC), misplaced its peg. Following the collapse, Do Kwon moved between Singapore and Dubai earlier than being arrested in Montenegro in March 2023 for trying to depart the nation with a faux passport.
After serving a four-month jail sentence, he was extradited to the U.S. in December 2023. On January 2, 2024, Do Kwon appeared earlier than a U.S. decide for the primary time and pleaded not responsible to 9 fraud prices.
Do Kwon’s trial continues to be set for January 26, 2026. Pretrial motions should be filed by July 1, 2025, with responses due by August 11, 2025.
The delay underscores the dimensions of proof collected by prosecutors. Within the coming months, these paperwork might play a important function in figuring out the case’s consequence.
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