- Terraform Labs and the SEC civil trial began on Monday in Manhattan Court.
- Do Kwon wasn’t present at the trial due to delays in his extradition.
- SEC claimed Terraform was a fraud, and the defense stated that failure doesn’t mean fraud.
The civil fraud trial involving Terraform Labs’ Founder Do Kwon, reportedly began on Monday in Manhattan court. Media journalist Zack Guzman shared a series of X posts, providing more insights into the legal development.
NEW: Do Kwon / Terra vs. SEC off to a hot start in Manhattan court todayWe already got a jury selected along with opening statements from both the SEC and defense teams (plus’s some pretty hilarious material from Judge Rakoff)
Here’s everything from Day 1 pic.twitter.com/vl74lUgFZs
— Zack Guzmán (@zGuz) March 25, 2024
The case had its beginnings back in 2022 when Terraform Labs crashed, following which Kwon was arrested in Montenegro for fraud. A series of events followed, with delays in Kwon’s extradition. Kwon’s lawyers requested the court postpone the trial, which was initially scheduled for January to late March. Though the court granted the postponement, Kwon’s extradition was still …
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