Do Kwon Loses Appeal Against Extradition to South Korea
A Montenegro appeal court has rejected Do Kwon’s appeal against his extradition to South Korea. Kwon, the architect of the failed crypto project TerraUSD stablecoin, is facing charges related to the collapse of Terra in May 2022. His partner, Han Chang-joon, has already been extradited to South Korea.
Extradition Requests by South Korea and the U.S.
Both South Korea and the United States have sought to extradite Do Kwon. However, Montenegro’s Minister of Justice has given preference to South Korea. The appeal court granted South Korea’s request over the United States’ request because it was received earlier. There is currently no set timeline for Kwon’s extradition to South Korea.
Background: Do Kwon and Terra’s Collapse
Do Kwon was the mastermind behind the failed crypto project TerraUSD stablecoin, which was launched in 2022. The stablecoin, designed to be pegged algorithmically 1:1 to the U.S. dollar, lost its pegging and collapsed alongside the Terra sister token LUNA.
Kwon faced charges from both U.S. and South Korean authorities after he escaped to Singapore to avoid prosecution. He was later apprehended in Montenegro and sentenced to four months in prison for using a forged passport.
The Court’s Decision
The appeal court stated that it had correctly established that South Korea’s extradition request arrived earlier than the United States’ request. Therefore, it granted South Korea’s request for extradition. This decision is final and cannot be overturned by Kwon or the U.S. authorities.
As a result of this ruling, Do Kwon’s sentencing is expected to be concluded on March 23, and his extradition to South Korea should proceed unless there are any further developments.
Hot Take: Do Kwon’s Extradition to South Korea Confirmed
The Montenegro appeal court has denied Do Kwon’s appeal against his extradition to South Korea. This decision comes after a high court ruling in Podgorica on March 5, which mandated his extradition. Here are the key takeaways:
- Do Kwon, the architect of the failed crypto project TerraUSD stablecoin, is facing charges related to the collapse of Terra in May 2022.
- South Korea and the United States both sought to extradite Kwon, but Montenegro’s Minister of Justice gave preference to South Korea.
- The appeal court granted South Korea’s request for extradition because it was received earlier than the United States’ request.
- There is currently no set timeline for Kwon’s extradition to South Korea.
- Kwon’s lawyer confirmed that the ruling is final and cannot be overturned.
This decision marks a significant development in the legal proceedings against Do Kwon. It paves the way for his extradition to South Korea, where he will face charges related to the collapse of Terra. The outcome of this case will be closely watched by the crypto community as it may have implications for future cases involving cryptocurrency projects.
Sources: Sudovi.me, Crypto News
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