Home
News
The legal saga surrounding the extradition of Do Kwon, the disgraced co-founder of the now-defunct cryptocurrency project Terraform Labs, has taken a dramatic turn.
Kwon’s legal team in Montenegro has filed an appeal challenging a recent court ruling that found the conditions for his extradition to South Korea and the United States were met. This move further intensifies the tug-of-war between the two countries vying for Kwon’s extradition.
It’s connected with the catastrophic collapse of the TerraUSD and Luna cryptocurrencies in May 2022, which wiped out billions of dollars in investor funds.
Challenging the Extradition Verdict
According to local Montenegrin news reports, Kwon’s attorneys have filed an appeal against the Podgorica High Court’s April 8 judgment. This decision ruled that the criteria for his extradition to South Korea and the United States were valid.
The legal team’s appeal contends that the high court’s decision is “unfounded and illegal,” alleging that the court interpreted the law differently to appease the justice minister of Montenegro.
The appeal argues that the high court and the Supreme Court have interpreted pertinent legislation excessively to comply with the requests for extradition by the two nations vying for Kwon’s custody.
Kwon’s legal team interprets this action as a calculated attempt to support his extradition to his native South Korea rather than the US, where he faces more serious allegations.
The High-Stakes Extradition Battle
The justice minister of Montenegro will eventually decide where to extradite Kwon; this decision is anticipated to be made following the issuance of pertinent court opinions.
However, Kwon’s attorneys’ appeal has further complicated an already complicated legal dispute.
Due to his alleged role in the demise of the cryptocurrencies TerraUSD and Luna, which his company, Terraform Labs, produced, Kwon is wanted in both South Korea and the US. Many investors suffered from the collapse of these digital assets, which were previously valued at over $60 Billion, and worries about regulating the cryptocurrency industry were raised.
A Fugitive’s Journey and Legal Reckoning
The size of the Terra-Luna fall and Do Kwon’s subsequent attempts to elude investigators have drawn attention to this case globally.
In March 2022, Kwon was apprehended in Montenegro while trying to travel with a forged passport following the collapse of his cryptocurrency scheme. He was also charged with fraud and went into hiding.
Following his apprehension, South Korea and the US began a legal slugfest for his extradition to face accusations about the multibillion-dollar cryptocurrency crash.
If he is deported from South Korea, Kwon might face more serious accusations and severe punishments in the US.
Conclusion
The cryptocurrency community closely follows the legal dispute surrounding Do Kwon’s extradition. The verdict in this case may significantly affect the oversight and liability of cryptocurrency initiatives and their creators.
Kwon’s attorneys are contesting the decision made by the Montenegrin court, adding another twist to the tale that will likely drag out the lengthy extradition procedure.
Strong governance and investor protection are crucial in the rapid evolution of cryptocurrencies, as evidenced by the numerous governments that are pursuing Kwon’s prosecution.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
