Extradition Battle Over Crypto Mogul Do Kwon Comes to an End
A lengthy court battle to extradite a disgraced crypto mogul, Do Kwon, has seemingly concluded after a court ruling on Thursday. The Appellate Court of Montenegro ruled that Kwon, the founder of the defunct Terra blockchain, will be sent to South Korea for prosecution.
Do Kwon Set For South Korea
The latest ruling re-confirms a prior decision from a lower court, the High Court of Podgorica, to send Kwon back to his home country instead of the United States, which also sought his extradition. There was no appeal against this decision, as confirmed by a statement on the Podgorica court’s website.
- Win for Kwon: Experts believe the US would have punished Kwon much harsher than his homeland.
- Terrence Yang, Managing Director at Swan Bitcoin, stated that the US likely has the largest number of victims in terms of numbers and dollar amounts.
Kwon’s lawyer, Gordin Rodic, mentioned that Montenegro would facilitate Kwon’s extradition to South Korea promptly with the help of Interpol. Since his release on bail in March, Kwon’s fate has been a topic of debate in Montenegro courts regarding his extradition.
Terra’s Collapse
In May 2022, the Terra blockchain collapsed due to the destabilization of the protocol’s algorithmic stablecoin mechanism. The losses incurred by investors from both the TerraUSD (UST) tokens and the LUNA tokens amounted to $44 billion.
- SEC Lawsuit: The Securities and Exchange Commission (SEC) sued Kwon and Terraform Labs, seeking $5.3 billion in fines for the harm caused to investors.
Hot Take: Closure to the Extradition Saga
The extradition battle over crypto mogul Do Kwon has finally concluded with a ruling to send him to South Korea for prosecution. This decision marks the end of a long legal saga surrounding Kwon’s extradition, which saw multiple court rulings and debates over his fate.
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