- An appeals court docket in Montenegro rejected Do Kwon’s enchantment towards his upcoming extradition to South Korea.
- Kwon was arrested final 12 months after the collapse of Terra Luna and its stablecoin UST in 2022.
Do Kwon, needed for prosecution for his position within the implosion that sank the Terra, will now be extradited to South Korea.
The Montenegrin court docket rejected Kwon’s enchantment
At the moment, the Court docket of Enchantment of Montenegro rejected Kwon’s enchantment, which sought an order to cancel his extradition to South Korea. In keeping with the announcement of March 20, the Court docket of Enchantment acknowledged that its resolution is remaining.
He won’t go to america or keep in Montenegro, the place he was arrested in 2023.
Slightly, Kwon will now be deported to South Korea, the place he faces legal fees in reference to the collapse of Terra LUNA and the algorithmic stablecoin Terra USD (UST).
The $40 billion implosion resulted in huge contagion throughout crypto, with crypto hedge fund Three Arrows Capital. 3AC was an enormous casualty that meant even greater losses for traders throughout the crypto ecosystem.
Kwon has been in custody in Montenegro since his arrest in Might final 12 months. The Excessive Court docket of Montenegro accepted his extradition in November, whereas the choice to deport him to the US was overturned final month.
Each the US and South Korea needed Do Kwon, and Seoul lately sought the assistance of Interpol.
Crypto bosses in bother
With this newest growth, the sought-after former CEO of Terraform Labs is heading to South Korea. He’s amongst a number of former crypto bosses who’ve been prosecuted prior to now two years.
Sam Bankman-Fried, the previous CEO of FTX, was discovered responsible by a jury in early November. Sentencing will happen on March 28, with US prosecutors in search of 40-50 years in jail.
Former Binance CEO Changpeng Zhao pleaded responsible to fees of violating anti-money laundering guidelines final 12 months and can be awaiting sentencing within the US.
