Terra Founder Do Kwon Caught in Extradition Battle Between U.S. and South Korea
Terra founder Do Kwon is currently embroiled in a legal battle between the United States and South Korea over his extradition. The U.S. Department of Justice has stated that it still expects to receive Kwon within U.S. borders, despite a high court decision overturning those plans. On the other hand, South Korea is also making efforts to extradite Kwon and has requested assistance from Interpol in this matter.
The Do Kwon Extradition Battle
The U.S. Department of Justice has expressed its intention to seek Kwonโs extradition in accordance with international agreements and Montenegrin law. They appreciate the cooperation of Montenegrin authorities in upholding the rule of law. However, South Korea is also pursuing Kwonโs extradition and has sought assistance from Interpol in this regard.
A Preference for South Korea
Kwonโs lawyers prefer his extradition to South Korea as they believe he would face a lighter punishment there. However, some argue that this would be unjust for the victims seeking proper justice, especially considering that the U.S. has a larger number of victims by both number and dollar amount. A group of South Korean Terra investors has called for Kwonโs extradition to the U.S., where they believe he will face appropriate punishment.
This legal battle arises from charges related to Kwonโs now-defunct Terra blockchain, which caused significant financial losses for investors. The blowup of the Terra blockchain led to collapses at firms like Three Arrows Capital, Celsius, and FTX.
The U.S. Securities and Exchange Commission (SEC) has charged Kwon with multiple offenses, including deliberately defrauding investors by selling the platformโs native LUNA token as an unregistered security.
Hot Take: U.S. Prosecutors Challenge Do Kwonโs Extradition to South Korea
The extradition battle between the United States and South Korea over Terra founder Do Kwon continues. While the U.S. Department of Justice is determined to bring Kwon within U.S. borders, a high court decision has overturned their plans. On the other hand, South Korea is seeking assistance from Interpol to extradite Kwon from Montenegro.
This legal tussle raises questions about which country will ultimately gain custody of Kwon and decide his fate. The preference for extradition to South Korea by Kwonโs lawyers has drawn criticism, as it may result in a lighter punishment and leave victims without proper justice.
As this battle unfolds, it remains to be seen whether Kwon will be extradited to the United States or South Korea, and what consequences he will face for his involvement in the collapse of the Terra blockchain.
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