The trial of Terraform Labs founder Do Kwon has been postponed until his extradition to the US, which is expected in March. The United States Securities and Exchange Commission (SEC) agreed to the delay, which was requested by Kwon's lawyers due to slow extradition proceedings in Montenegro. The SEC is against separating the case against Kwon from the case against Terraform, as both entities are defendants in the charges brought by the SEC. The charges accuse Kwon and Terraform Labs of orchestrating a multi-billion dollar crypto asset securities fraud.
Welcome Back
Click “Sign in” to agree to Cointime’s Terms of Service and acknowledge that Cointime’s Privacy Policy applies to you.
Join CoinTime
Already have an account?
Click “page.Sign up” to agree to Cointime’s <a class="underline" href="#term-of-service">Terms of Service</a> and acknowledge that Cointime’s a class="underline" href="#privacy-policy">Privacy Policy</a> applies to you.
Sign in with email
Sign up with email
Your email
Check your inbox
Click the link we sent to to sign in.
Click the link we sent to to sign up.
SEC Delays Do Kwon and Terraform Trial Until US Extradition in March
-
Wechat scan to share
Recommended for you
-
Hong Kong expands digital yuan pilot to allow e-CNY wallets for cross-border payments
The Hong Kong Monetary Authority and the People's Bank of China have expanded their cross-border digital yuan pilot to allow Hong Kong residents to use e-CNY wallets for cross-boundary payments. The digital yuan is China's central bank digital currency, which has been piloted for several years and is among the most advanced of its kind globally. Users can set up wallets using just a phone number and top them up in real-time through 17 Hong Kong retail banks. The HKMA plans to work with the Digital Currency Institute to explore enhancing interoperability in payments and corporate use cases, such as cross-border trade settlement. -
Türkiye proposes to align crypto legislation with international standards
Turkey's ruling party submitted a draft encryption bill to parliament on May 16. The bill focuses on licensing and registration of encryption service providers and aligning with international standards.The draft law aims to update existing legislation to comprehensively regulate the emerging cryptocurrency market. The key areas of focus for the bill include consumer protection, platform transparency, and compliance with financial regulations. The proposed legislation aims to regulate cryptocurrency trading platforms and other service providers in the industry, requiring them to obtain a license from the Capital Markets Board of Turkey. -
US Secret Service seizes domain used to run cryptocurrency scam
On May 17th, the US Secret Service seized a domain used for cryptocurrency trust fraud in a "pig-killing plate" scam. In the "pig-killing plate" scam, scammers contact victims through various means, including dating apps, social media websites, and even random text messages disguised as wrong numbers. -
French securities regulator issues new warning to Bybit
The French securities regulator has issued a new warning to the cryptocurrency exchange Bybit, urging customers to make arrangements for the possibility that the platform may suddenly stop providing services to French customers. The Financial Markets Authority (AMF) stated in a notice on Thursday that the exchange is not registered as a Digital Asset Service Provider (DASP), and therefore is providing services illegally in France. Bybit has been blacklisted by the AMF since May 20, 2022 for illegal operations. -
Swiss Federal Council Plans to Implement Crypto Asset Reporting Framework to Improve Tax Transparency
The Swiss Federal Council (consisting of seven members jointly leading the Swiss government) plans to implement a Cryptocurrency Asset Reporting Framework (CARF) to increase tax transparency.On the 15th, the Federal Council issued a consultation document to investigate public opinion on joining the Automatic Exchange of Information (AEOI) to combat tax evasion and avoidance in cooperation with international tax authorities. Currently, Switzerland's joining of AEOI is scheduled for January 1, 2026. It is reported that the Organisation for Economic Co-operation and Development (OECD) established AEOI and other initiatives for the Group of Twenty (G20) countries, which later expanded to include other countries.Switzerland previously adopted the Common Reporting Standard (CRS) of the OECD in 2014, but did not include CARF regulating cryptocurrency assets and their providers. -
US lawmaker: SEC should repeal crypto accounting policy before Senate vote
US legislator Wiley Nickel wrote a letter to Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), on May 15th, stating that the SEC should repeal the cryptocurrency accounting policy (SAB 121) before the Senate vote. Protecting investors is the mission of the US Securities and Exchange Commission, but SAB 121 does the opposite by preventing heavily regulated US banks from mass custody of digital assets. In addition, Wiley Nickel criticized the SEC for bypassing the rule-making process when issuing SAB 121, believing that the purpose of the cryptocurrency accounting policy is to clarify existing policies, not to create new ones. -
Cryptocurrency firm Terraform Labs and its founder Do Kwon committed fraud
The US Securities and Exchange Commission (SEC) ruled that the actions of cryptocurrency company Terraform Labs and its founder Do Kwon constitute fraud. The company's bankruptcy in 2022 resulted in a loss of $40 billion in investor funds. -
Do Kwon will go on trial in Manhattan on Monday
Terraform Labs and its founder Do Kwon will face trial in Manhattan on Monday, accused by regulators of lying to investors about the collapse of the company's two cryptocurrencies, LUNA and UST, which disrupted the market in 2022. Regulators also accuse them of falsely claiming that Terraform's blockchain was used for a popular mobile payment app in Korea. Do Kwon will not attend the trial. He was arrested in Montenegro last March and is awaiting extradition back to his home country of South Korea, where he faces criminal charges. A court in Montenegro postponed his extradition on Friday, citing concerns from the country's prosecutor's office about the extradition process. -
Do Kwon will be released from Montenegro prison but will not be allowed to leave the country
Do Kwon, co-founder of Terraform, will be released from prison in Montenegro, but due to several criminal charges brought by national authorities, he will remain in the Balkans. The High Court of Montenegro ordered the confiscation of Kwon's passport on Friday to prevent him from leaving the country. According to the court's order, Kwon will leave Spuž prison on Saturday. The prosecutor opposes extraditing Kwon to South Korea and would prefer him to be sent to the United States, where he could face a longer sentence if convicted. -
Terra co-founder Do Kwon released, awaiting Supreme Court extradition decision
Market news: Terra co-founder Do Kwon has been released and is awaiting the extradition decision of the Supreme Court.
Daily Must-Read
-
JPMorgan’s Onyx to industrialize blockchain PoCs from Project Guardian
-
OKX Ventures invests in Web3 ‘play ARPG to train AI’ game Blade of God X
-
Bitcoin volatility plunges below Tesla, Nvidia stocks amid $100K price prediction
-
What are tokenized commodities?
-
Bitcoin opens $63K futures gap as thin liquidity threatens BTC price
-
More than half of the Fortune 100 uses Apple’s Vision Pro headset
All Comments