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The U.S. Securities and Exchange Commission (SEC) has delayed the trial of the $40 billion cryptocurrency fraud case against Terraform Labs and its co-founder, Do Kwon. The delay was made to allow for Kwon’s extradition.
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In a filing with the Manhattan federal court, the SEC argued for a modest delay of the trial, which was originally scheduled for January 29. The decision was made after Kwon’s lawyer said that Kwon had agreed to extradition from Montenegro and could be in the U.S. by mid-March.
The SEC also sought to prevent unnecessary duplication of testimony by opposing separate trials for Terraform and Kwon. U.S. District Judge Jed Rakoff will consider the SEC’s request for a trial date on April 15.
Last month, Rakoff ruled that Terraform and Kwon had violated U.S. laws and put Kwon at risk of extradition from South Korea.