Terra Founder Do Kwon to be Extradited to the U.S. for Trial
Terra founder Do Kwon will be extradited to the U.S. following a ruling by the High Court of Podgorica in Montenegro. The court rejected South Korea’s request to extradite Kwon to his home country for criminal prosecution, citing a bilateral extradition agreement between the U.S. and Montenegro as a major factor.
Background: The Legal Battle
- The European Convention on Extradition and Montenegrin Law on International Legal Assistance were previously cited by Kwon’s defense attorney in support of South Korean extradition.
- However, Justice Minister Andrej Milović called the decision political.
Do Kwon to Attend Terra Trial
After winning a victory in the Court of Appeals on February 8, Do Kwon’s extradition was revoked and returned to the High Court for processing. Now that his removal from Montenegro is settled, he will be extradited to the U.S. in order to be present for the SEC v. Terraform Labs case.
Terra’s Legal Troubles
- Terra’s court case has been delayed until April 15 at the request of Do Kwon and with agreement from the SEC.
- The allegations against Kwon and his blockchain firm include defrauding customers and investors in Terra’s ecosystem crash.
- In South Korea, Terra is also under investigation for criminal operations, as a former company developer testified that Kwon was aware of legal issues with the project.
- Kwon’s former chief financial officer, Han Chang-Joon, has already been extradited to South Korea.
Hot Take: The Implications of Do Kwon’s Extradition
With Do Kwon’s impending extradition to the U.S., the Terra founder will now have to face trial for the allegations against him. This development highlights the international nature of cryptocurrency-related legal cases and the challenges they pose for regulators.
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