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The trial started in absentia, what happened on the first day of the "Do Kwon case"?

The trial started in absentia, what happened on the first day of the "Do Kwon case"?

BlockBeats-Article2024/03/26 03:35
By:BlockBeats-Article
Original author: Zack Guzmán
Original translation: Frank, Foresight News


Editor's note: Manhattan regulators opened a trial against Terra and its co-founder Do Kwon on Monday local time, but Do Kwon was absent from the trial because he had been transferred to a Montenegrin foreigner "reception center" on March 23 to await a final extradition decision.


The U.S. Securities and Exchange Commission (SEC) v. Do Kwon/Terra case officially opened in the Manhattan court in the United States today. This article excerpts from the opening statements of the jury, the U.S. SEC, and the defense team (plus some very funny material provided by Judge Rakoff).


This is also my first time back in court since the SBF trial, and I found that there are far fewer people than in the SBF case - because I was late, but I still had a seat.


The only obvious difference: everyone in the courtroom is wearing suits.


Jury Selection


Judge Rakoff laid down the ground rules from the start:


· The trial was expected to take two weeks;

· Dissents were allowed no more than four words;


“The only way you can get me mad is by making a quick objection, and you only need to say three words: Objection, lack of foundation, OK, maybe I’ll let you extend it to four words.”


There was some minor arguing about how to explain Do Kwon’s absence from the trial, until Judge Rakoff asked, “Do you really want me to say he was out of the country and unavailable? That might cause the jury to speculate.”


The defense agreed (Do Kwon, as we all know, is still in Montenegro after serving a sentence for passport forgery).


Jury selection began, with both sides taking turns dismissing jurors as everyone learned more about them. (Foresight News note: The court randomly selects several times the number of candidate jurors from local residents. Each candidate will be briefly informed of the case background and will be subject to about 30 minutes of extended questioning by lawyers and judges in court. The judge is looking for jurors who can view all parties in a neutral, fair and open-minded manner during the trial and make judgments based on evidence and law. Lawyers also hope to select such jurors, but they will also exclude candidates whose inherent ideas may be unfavorable to their clients.)


At first, there were many female jurors, eventually the first jury included 6 women and 3 men, most of whom were minorities :


Among the three men, one is divorced, one is in a pending personal injury lawsuit, and one has a girlfriend... ... None of them own cryptocurrencies, which explains why the divorce juror was wearing an NFL New York Giants jacket (Foresight News note, FTXZ has been on the NFL Super League commercial breaks during the bowl).


Rakoff joked that he was also a New York Giants fan - "That's why I wear black, because I'm mourning" - a joke that had the whole court laughing. , but a New York sports humor joke appeared in a trial involving a Korean company, leaving the Korean media very confused.


Interestingly,a man said he spent thousands of dollars on Bitcoin and Ethereum, but not on Terra tokens, The result was still dismissed and failed to serve on the jury; Another girl said she was a juror in a counterfeit case that could not lead to a conviction due to lack of subjective intent, but ironically she was also dismissed, Failed to serve on the jury.


Opening Speech


In the opening speech, Judge Rakoff clearly stated:


· Did Terraform Labs (TFL) misleadingly use Chai to represent Terra?

· Is TFL misinformed about why UST is pegged to the U.S. dollar?


Both the prosecution and defense will have 30 minutes to present their statements.


The U.S. SEC went first, but their argument was almost a copy and paste of the content of the Department of Justice v. SBF and FTX case , especially the opening and closing remarks are almost word for word the same:


"This is a case about fraud" and "This trial does not involve technology."


The defense's opening statement was taken directly from what Do Kwon disclosed in a previous interview: "Failure does not equal fraud" (Extended reading "Conversation with Terra founder: I bet everything, but this time I lost").


The lawyer finally strongly condemned the SEC's selection of facts and ridicule of testimony, and stated that Chai did use Terra.


Original link

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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