The post Montenegro to Extradite Do Kwon to South Korea, Not U.S. appeared on BitcoinEthereumNews.com.

Montenegro has made a significant decision regarding Do Kwon, the founder of the Terra cryptocurrency. Instead of sending him to the U.S., Montenegro will extradite Kwon to South Korea. This choice is a major step in the legal process, as South Korea is where Kwon faces charges. The decision has caught the attention of many in the cryptocurrency world and beyond According to reports, Terraform Labs co-founder Do Kwon, who is embroiled in a fraud case, will be extradited from Montenegro to South Korea, following a recent ruling by the country’s appellate court. This decision upholds a previous verdict from the High Court of Podgorica, favoring South Korea’s request over that of the U.S., which also sought Kwon’s extradition. Both South Korea and the U.S. aim to charge Kwon for his role in the $40 billion collapse of the Terra/LUNA ecosystem in May 2022. This incident marked the start of a wave of significant failures in the cryptocurrency sector that year, including the downfall of FTX, the second-largest crypto exchange globally. Do Kwon’s Legal Battle: Extradition Decision and Delays After the collapse of Terra, Do Kwon went into hiding. In September 2022, Interpol issued a red notice for his arrest. Kwon was detained in March 2023 in Montenegro for attempting to board a flight to Dubai with a forged Costa Rican passport.  Although he was initially sentenced to four months in prison for using fake documents, he remained in custody until March of this year. He was released on bail, with his actual passport confiscated to prevent him from leaving the country. The latest court decision is expected to resolve the ongoing dispute over Kwon’s extradition, which had been contested between South Korea and the U.S. South Korea’s request, which was submitted first, has been prioritized. Kwon had previously managed…

---

Filed under: News - @ August 3, 2024 9:16 am