Do Kwon‘s escape to Montenegro may be the most crucial step he has taken to date. The Terra founder is under house arrest. Although decisions for his extradition to the USA and South Korea have been issued multiple times, they have been canceled by different institutions in Montenegro. It seems the crypto scammer has convinced someone to protect him. What is happening at the expected trial in the USA?
Details of the Terra Trial
The case between Terraform Labs and the United States Securities and Exchange Commission (SEC) is ongoing. The USA is prosecuting Do Kwon for defrauding numerous Americans. Even though the Terra scammer has not been extradited to the USA, Do Kwon’s lawyers continue to represent him.
According to a report published by Reuters today, SEC lawyers claimed in the Southern District of New York’s US District Court that Terraform’s story is “built on lies.” They allege that Terra lied about various matters, including the stability of TerraUSD and its integration with a South Korean payment application.
Terra Lawyers’ Defense
Terraform’s lawyer, Louis Pellegrino, claimed that Do Kwon has always been honest in his public statements, which contributed to the deepening of the bear market in 2022. According to the lawyers, the SEC is accusing Do Kwon with information taken out of context. No matter how unjust you are, when you spend millions, you can find someone like SBF or Do Kwon’s lawyers to fight for your cause. This must be the challenging part of being a lawyer.
The legal case with the SEC took place more than a year after the commission filed a lawsuit against Terraform in February 2023. The US Securities Regulator accuses the company of “a multi-billion dollar crypto asset securities fraud.”
Do Kwon is not attending the hearings as he is free in the country he has taken refuge in. He was arrested in Montenegro in March 2023 for using fake travel documents and has successfully appealed against the decisions issued for his extradition to the two countries multiple times. The decisions were overturned.
Despite the ongoing trials, the price of LUNA Coin continues to find buyers at $0.92. After the collapse of the $40 billion ecosystem, new LUNA Coins were distributed via airdrop with a much lower supply, but even that has significantly diminished from its peak to date.
