Delayed Hearing for Do Kwon: What You Need to Know
In a big turn of events, a U.S. court has pushed back a key hearing for Do Kwon, the co-founder of Terraform Labs. This delay comes as prosecutors share a huge amount of new evidence, about four terabytes, which they say needs more time for Kwon’s defense team to review[1][2][3]. This case has grabbed everyone’s attention because it involves claims of fraud related to the crash of Terraform Labs’ stablecoin, TerraUSD, which caused big losses for investors[1].
What’s the Case About?
Do Kwon was taken from Montenegro to the U.S. on December 31, 2024, and he pleaded not guilty to several fraud charges on January 2, 2025[1]. These charges are because of the failure of TerraUSD, which caused about $40 billion in losses for investors in 2022[1]. The U.S. Securities and Exchange Commission (SEC) also says Kwon tricked people by saying Terraform Labs’ system was stable[1].
Why Was the Hearing Postponed?
The meeting that was supposed to happen on March 10 has been moved to April 10, 2025, because the U.S. government asked for more time[2][3]. This is so Kwon’s defense team can look at all the new evidence. On February 27, prosecutors gave them 600 gigabytes of evidence, like data from Kwon’s phones, emails, and crypto transactions[2][3]. They’re also going to give them another four terabytes of evidence soon[1][2].
What Happens Next?
The jury trial is still set for January 26, 2026[1][3]. People who lost money because of Terraform Labs can submit their claims until April 30, 2025[1]. Even though the hearing was delayed, the case is still very complicated, and Kwon’s defense team has a lot of work to do before the trial[1].
A Big Moment in Crypto History
The delay in Do Kwon’s hearing is a big moment in the legal fight about Terraform Labs. As the defense team looks at all the new evidence, the case keeps getting attention from the crypto world and beyond. The outcome will not only decide Kwon’s fate but also set a precedent for future cases about crypto. With the trial over a year away, everyone is watching to see what happens next, and this case raises important questions about rules and being honest in the world of cryptocurrency.
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Sources:
– CoinMarketCal
– PANewsLab
– ChainCatcher
– CryptoCraft