Montenegro in the Limelight of Extradition Battle for Do Kwon
Caught in the midst of extradition conflicts between the United States and South Korea, Montenegro has recently seen a significant twist in the saga of disgraced crypto tycoon Do Kwon.
Montenegro’s Supreme Court Ruling Reverses Extradition Decisions
An appeal court in Montenegro dismissed the extradition to the US, while Montenegro’s Supreme Court overturned previous decisions rejecting Kwon’s extradition to South Korea, as reported by Bloomberg.
- The US endeavors to prosecute Do Kwon for fraud linked to the TerraUSD stablecoin failure in 2022.
- The situation remains precarious as both the US and South Korea vie for his extradition.
New Twist in Do Kwon’s Extradition Battle
Mid-March saw a Montenegrin appeals court deny Kwon’s extradition to the US but affirm South Korea’s precedence in the matter. Nevertheless, Montenegro’s Supreme Court’s reversal has revived US efforts to try Kwon for fraud.
- The justice minister will determine the extradition location after thoroughly reviewing the conditions.
Terraform Labs Disputes Verdict
A federal jury in New York found Kwon and Terraform Labs accountable for defrauding investors of billions. The SEC’s lawsuit alleged a $40 billion market value loss due to their fraudulent scheme.
- Terraform Labs contests the verdict, expressing dissatisfaction with limited evidence support.
- Legal evaluation includes possible appeals against the classification of their tokens as securities.
Current Status of Terraform Labs’ Luna Classic Token
Luna Classic (LUNC), formerly Luna token, is trading at $0.0001378 post-collapse that triggered legal repercussions. It demonstrated a slight 1% uptick in the last day but faced losses reaching 28% over the past month.
Hot Take: Do Kwon’s Fate Hangs in the Balance
Do Kwon’s future remains uncertain as Montenegro’s justice minister deliberates on his extradition location, contemplating the fulfillment of conditions from both the US and South Korea.
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