- Montenegro High Court has judged the extradition of Do Kwon to South Korea, challenging U.S. extradition efforts.
- Kwon faces charges after the $40 billion collapse of Terraform Labs, which greatly impacted global crypto markets.
- Kwon’s arrest ends a month of international search after the fall of TerraUSD and Luna tokens.
Montenegro appeals court announced the extradition of cryptocurrency entrepreneur Do Kwon to South Korea, where he is wanted over the fraud of the Terraform Labs company.
Montenegro Court Allows South Korea’s Extradition Request for Do Kwon
Both the U.S. and his country of origin have been closely looking for the South Korean’s handover after his company’s failure, which saw the loss of about $40 billion without trace leading to confusion among the investors.
In a statement released, the appeals court of Montenegro highlighted that the ruling of the High Court in Podgorica that allows the deportation at the request of South Korea is final.
The court also defended an earlier decision to withdraw a request to deport Kwon to the US.
The famous crypto mogul, whose real name is Kwon Do-hyung, had been on the run for months after fleeing South Korea and then Singapore before the company’s crash in 2022 until when he was arrested together with his mate at an airport in the capital Podgorica with Montenegro already deporting Kwon’s business partner identified only by his initials J.C.H. back to South Korea in early February.
Terraform Labs Founder Do Kwon Set for Extradition After Montenegro Ruling
The company’s TerraUSD was marketed as stablecoin, a token that is meant to stable assets such as the US dollar to prevent unexpected fluctuations. He had efficiently marketed the token attracting billions in investments and global support to those who believed that it would be the next big thing in crypto before the fall. Despite the huge investments, TerraUSD and its sister token Luna experienced its fall in May 2022.
Many crypto experts have described his work as a Ponzi scheme, in which many investors lost their life savings. TerraLuna has been on a bearish move for two years now, recording a fall of 98.14% while its all high was recorded on May 28, 2022.
In January, Terraform Labs officially sought bankruptcy protection in the United States which would allow Terraform to execute on its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and US litigation involving the Securities and Exchange Commission It said it also intended to meet all financial obligations to employees and vendors as they explained in their company statement.
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The post Montenegro Court Concludes Do Kwon’s Deportation to South Korea for Terraform Labs Fraud appeared first on Crypto News Land.
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