June 14, 2024
Latest Cryptocurrency News

Montenegro Court Rejects Do Kwon’s Extradition Appeal

Montenegro’s Appellate Court has denied Terraform Labs co-founder Do Kwon’s appeal, opening the route for his possible extradition to South Korea. On March 20, the court confirmed a prior verdict by Montenegro’s high court, indicating that Kwon may face “several criminal offenses” if extradited.

Extradition Proceedings

Kwon was detained in Montenegro in March 2023 for using false travel documents. Since then, both the US and South Korea have requested his extradition. The appellate court stated that South Korea’s extradition request took precedence over that of the United States.

The U.S. has filed eight felony counts against Kwon, with proceedings likely to proceed even if he’s absent. Initially, a Montenegrin court ruled for Kwon’s extradition to the U.S., but subsequent appeals favored South Korea’s request.

Legal Battle and Terraform Labs’ Downfall

Kwon’s legal team faces uncertainty in contesting his extradition to South Korea, which has increased penalties for cryptocurrency-related charges in the aftermath of Terraform Labs’ collapse. The firm’s demise in May 2022, which was tied to the management of TerraUSD (UST) and Terra LUNA coins, contributed to market volatility and many industry bankruptcies.

As Kwon’s extradition proceedings unfold, the future remains uncertain for the co-founder amidst the fallout from Terraform Labs’ collapse and the legal battles ahead.

Photo by Christian Wasserfallen

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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