Terraform Labs co-founder Do Kwon has asked New York's Southern District Court to postpone his trial date to March due to delays, citing extradition challenges in Montenegro. In a letter addressed to Judge Jed Rakoff on January 11, Kwon's legal team expressed Kwon's interest in participating in the trial in person. Let us tell you that this trial of Do Kwon is scheduled for January 29.
In the letter sent, it was written on behalf of Do Kwon that we know that the court cannot postpone this trial for a long time, but if the court sets the date of March, then Do Kwon will be able to appear in this proceeding. It is noteworthy that the SEC had filed fraud charges against Terraform Labs co-founder Do Kwon. In which Kwon was accused of playing a key role in carrying out crypto securities fraud worth billions of dollars. Let us tell you that this allegation is related to Terraform Labs' stablecoin TerraUSD (USTC) and its associated Terra (LUNA) token.
Coin Gabbar believes that Terraform Labs co-founder Do Kwon is scared of the verdict against former FTX CEO Sam Bankman-Fried in a crypto fraud lawsuit. In fact, both Do Kwon and SBF are facing court cases on similar matters. Both have been accused of fraud in their respective crypto exchanges. While former FTX CEO Sam Bankman-Fried (SBF) was found guilty in his first trial, his sentencing date is set for March 28, 2024. Let us tell you that SBF was found guilty on all 7 fraud charges by the jury of the District Court after the first trial.
However, the second trial of SBF is still left which will start on March 11. Whose decision may take more than a month to arrive. The sentence of his first trial will be pronounced on March 28. The crimes for which SBFs are found guilty carry a maximum sentence of 5 to 20 years in prison. According to this, Sam Bankman-Fried can be sentenced to a maximum of 115 years in prison. In such a situation, Do Know is not predicting the verdict in his trial from the court's decision in the Sam Bankman-Fried trial. Since similar cases are before the court on both, the court can make the decision given in the SBF trial a precedent in the Do Know trial.
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