Do Kwon Denied Extradition Appeal by Montenegro Court
A Montenegro appeal court has denied the extradition appeal of Do Kwon, who is facing charges related to the collapse of Terra. Kwon’s partner, Han Chang-joon, has already been extradited to South Korea. The ruling is final and cannot be overturned by Kwon or the US authorities.
Extradition Requests by South Korea and the US
Both South Korea and the US have appealed for Kwon’s extradition. However, Montenegro’s minister of justice has given preference to South Korea. The appeal court stated that South Korea’s request was granted because it was received earlier than the US request. There is currently no set timeline for Kwon’s extradition to South Korea.
Do Kwon’s Arrest and Terra’s Collapse
Do Kwon is the architect behind the failed crypto project TerraUSD stablecoin, which was launched in 2022. The stablecoin lost its pegging to the US dollar, resulting in its collapse alongside the Terra sister token, LUNA. Kwon escaped to Singapore to avoid South Korean prosecutors but was later apprehended in Montenegro. He was sentenced to four months imprisonment after being caught trying to escape using a forged Costa Rican passport.
Kwon denies the charges and claims that the collapse of the Terra ecosystem was due to market forces and not criminal action.
Closing Thoughts
The Montenegro appeal court has rejected Do Kwon’s extradition appeal, meaning he will be extradited to South Korea to face charges related to the collapse of Terra. This decision is final and cannot be overturned. Kwon’s partner has already been extradited, and now it is his turn to face prosecution.
The collapse of Terra and the allegations against Kwon highlight the risks and consequences of fraudulent activities in the cryptocurrency industry. It serves as a reminder for investors and participants to exercise caution and due diligence when engaging with crypto projects.
As the crypto industry continues to grow and evolve, regulatory authorities are becoming more proactive in addressing illegal activities. Cases like Kwon’s extradition demonstrate that governments are willing to cooperate internationally to bring individuals to justice.
It remains to be seen how this case will unfold and what impact it will have on the wider crypto community. However, it serves as a reminder that fraudulent actions can have severe consequences, both for individuals involved and the reputation of the entire industry.
Stay tuned for further updates on this developing story.
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