Do Kwon, the co-founder of Terraform Labs, the company behind the Terra ecosystem, has slammed the United States Securities and Exchange Commission’s (SEC) extradition request stating that it is not possible for the securities regulator to extradite the crypto entrepreneur to the country. The lawyers have made their move while the SEC has yet to respond.
Do Kwon Seeks to Dismiss SEC’s Extradition Request
According to the latest turn of events, the lawyers representing Do Kwon have requested a federal court to reject the United States SEC’s request to bring the disgraced crypto founder to the US as they consider him responsible for the collapse of the Terra empire which resulted in the loss of over $40 billion in the month of May last year.
In a September 27 filing, the lawyers representing Do Kwon said that the SEC’s request to extradite the Terraform Labs’ co-founder prior to October 13 was “impossible” due to him being detained in Montenegro with “no scheduled release or extradition date.” The legal team also added that providing a written testimony to answer the SEC’s questions would be inconsistent with his right to due process under the American law.
“An order mandating something that is impossible serves no practical purpose and risks undermining judicial authority,” the filing said.
Do Kwon Wants to Answer Questions in Montenegro
The lawyers stated that Do Kwon is not opposing an extradition to the US but is emphasizing that the questioning needs to take place in Montenegro where the entrepreneur is currently out on bail. He was jailed in a local prison on account of being caught while trying to enter the country with a forged passport and legal documents.
An Additional Hearing to Take Place in October
Additionally, the lawyers noted that the Montenegrin court “informally” indicated that it may yet hold a hearing on October 13 or October 26, in which it would ask the disgraced crypto entrepreneur to answers the questions asked by the SEC.
As reported earlier by TheCoinRise, Swiss prosecutors froze the assets of the Terraform Labs co-founder. An estimate of $26 million, or 34 billion won, was frozen.