Terra Founder Do Kwon’s Extradition Approved, Final Decision Pending
The founder of Terra, Do Kwon, has had his extradition approved by a court in Montenegro. However, a final decision on whether he will be extradited to the U.S. or South Korea has yet to be made. The Courts of Montenegro website states that Kwon’s extradition will proceed pending a final decision by the country’s Minister of Justice, who will determine which country takes priority.
Jurisdictional Battle and Charges
Kwon has been caught in a jurisdictional battle between South Korea and the United States. He was arrested in Montenegro earlier this year for attempting to travel with a fake passport. Following the collapse of Terra’s algorithmic stablecoin, TerraUSD (TUSD), and its native cryptocurrency Luna in 2022, Kwon is now under indictment.
South Korea vs. United States
South Korean investigators argue that since key evidence and accomplices are based there, Kwon should be tried in his home country. However, he also faces criminal fraud charges in the U.S. and a civil lawsuit by the Securities and Exchange Commission (SEC).
Legal Defense and Dismissal Motion
Kwon’s lawyers have filed a motion to dismiss the SEC’s suit, claiming that TUSD is a currency rather than a security. They accuse the SEC of overstepping its boundaries by trying to categorize all cryptocurrencies as securities.
Hot Take: Future Uncertainty for Do Kwon
The approval of Do Kwon’s extradition is a significant development in his legal battle. While the final decision on which country he will be extradited to is pending, it remains uncertain how this will impact his ongoing legal proceedings. With charges in both South Korea and the U.S., Do Kwon’s future hangs in the balance as he awaits the outcome of these complex jurisdictional disputes.
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