Montenegro Denies Extradition Request for Terraform Labs Founder
The Montenegrin Supreme Court has rejected South Korea’s request to extradite Do Kwon, the founder of Terraform Labs. As a result, Kwon is now set to be extradited to the United States instead. The decision brings an end to the legal battle over Kwon’s extradition from both South Korea and the US.
US Charges Await Do Kwon
Do Kwon now faces charges in the US related to a multibillion-dollar fraud case brought by the US Securities and Exchange Commission (SEC). Prosecutors in both the US and South Korea have been seeking his return to face trial for fraud and securities law violations.
The Fate of Terra’s Founder
The extradition and criminal charges against Do Kwon have garnered significant attention from the crypto community. In March, Montenegrin authorities arrested Kwon and Terraform Labs’ former CFO, Hang Chang-Joon, as they attempted to escape to Dubai using falsified documents.
US SEC Allegations
The US SEC has accused Terraform Labs and its founder of orchestrating a scheme that raised billions of dollars through disguised securities offerings and unregistered trading assets. The US Department of Justice has also issued a criminal indictment charging Kwon with fraud related to LUNA-UST.
Luna Tokens Experience Minor Decline
Luna Classic (LUNC) and Luna (LUNA) tokens have seen a slight decrease in value. CoinGecko data shows that LUNC dropped around 1% while LUNA was down 2%. However, it remains to be seen whether these tokens still hold value in the long run.
Hot Take: Do Kwon’s Extradition Raises Questions for the Crypto Community
The denial of South Korea’s extradition request for Do Kwon and his impending extradition to the US has raised questions among crypto enthusiasts. As Kwon faces charges related to a major fraud case, the outcome of his trial could have significant implications for the crypto industry.
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