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.
Montenegroโs Supreme Court Ruling Reverses Extradition Decisions
An appeal court in Montenegro dismissed the extradition to the US, while Montenegroโs Supreme Court overturned previous decisions rejecting Kwonโs 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 Kwonโs Extradition Battle
Mid-March saw a Montenegrin appeals court deny Kwonโs extradition to the US but affirm South Koreaโs precedence in the matter. Nevertheless, Montenegroโs Supreme Courtโs 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 SECโs 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 Labsโ 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 Kwonโs Fate Hangs in the Balance
Do Kwonโs future remains uncertain as Montenegroโs justice minister deliberates on his extradition location, contemplating the fulfillment of conditions from both the US and South Korea.
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