- The court’s unanimous verdict essentially upheld an earlier finding supporting Kwon’s extradition.
- Kwon’s legal destiny is now hanging in the balance after the Montenegrin court’s ruling.
Do Kwon, co-founder of Terraform Labs, was previously granted an additional legal avenue when the Constitutional Court of Montenegro allegedly rejected an appeal by the Korean cryptocurrency tycoon over his extradition.
Korea JoongAng Daily reports that the court’s unanimous verdict essentially upheld an earlier finding supporting Kwon’s extradition. By citing legal irregularities in his appeal.
Far-reaching Consequences
US and South Korean officials have accused Kwon of fraud and other financial crimes connected to the $40 billion Terra Luna accident. Which occurred in 2022, and since then, he has been the subject of worldwide investigations. His extradition has been sought by both nations.
Because this international extradition case has the opportunity to establish a precedent for cross-border responsibility in cryptocurrency. Kwon’s legal destiny is now hanging in the balance after the Montenegrin court’s ruling. After the $40 billion in market value was wiped out in May 2022 due to the collapse of Kwon’s crypto ecosystem, Terra Luna, he began his legal battle.
As a result of the incident, investigations into possible breaches of securities laws, market manipulation, and fraud began. In March 2023, while trying to use a counterfeit passport, Kwon was apprehended in Montenegro.
The downfall of the Terra Luna ecosystem, widely regarded as a watershed moment in cryptocurrency history, caused regulators around the world to crack down on stablecoins and decentralized finance (DeFi).
After the US Securities and Exchange Commission (SEC) filed charges against Kwon for willfully deceiving investors and recklessly squandering client cash. A US court convicted Terraform Labs and Kwon guilty of fraud in April.
The Montenegrin court has been navigating the intricacies of Kwon’s two extradition requests since his arrest. The outcome is likely to have far-reaching consequences for US-South Korean geopolitical dynamics.
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