- Montenegro approves extradition of Do Kwon to South Korea over Terraform Labs collapse.
- Decide denies US extradition request in high-profile cryptocurrency fraud case.
- Do Kwon will now face South Korean justice over the collapse of TerraUSD and securities fraud fees.
Bloomberg studies {that a} Montenegrin appeals courtroom has permitted the extradition of TerraForm Labs co-founder Do Kwon to South Korea on fees associated to the collapse of TerraUSD. The ruling, introduced on August 1, dismisses a competing request from the USA. Because of this, Kwon will face authorized proceedings in his dwelling nation slightly than the USA.
The courtroom's resolution follows a sequence of authorized challenges. Beforehand, Montenegro's Supreme Court docket had overturned an earlier resolution approving Kwon's extradition to South Korea. The case was despatched again to the Excessive Court docket in Podgorica. This set off a prolonged authorized battle between South Korea and the US over jurisdiction within the high-profile cryptocurrency fraud case.
The Court docket of Attraction in Podgorica upheld the expedited extradition process established within the earlier ruling and confirmed the extradition ruling as remaining, so there shall be no additional enchantment in opposition to this ruling.
Following the courtroom's ruling, Kwon's lawyer Goran Rodic indicated that Montenegro will coordinate the extradition with Interpol, so he hopes for a swift extradition course of. Kwon was arrested at Podgorica airport on March 23, 2023, whereas trying to journey to Dubai utilizing a false passport. He served a four-month sentence for forgery and has been held in a detention middle close to Podgorica ever since.
Notably, Kwon is needed in each South Korea and the USA for allegedly partaking in a large securities fraud linked to the collapse of TerraUSD, the startup he co-founded referred to as TerraForm Labs that developed the TerraUSD stablecoin, which crashed in Could 2022 and rocked the cryptocurrency market.
Since Kwon's arrest, Montenegro's courts have confronted competing calls for from the USA and South Korea, however a current appeals courtroom ruling marks main progress in the direction of resolving his extradition problem.
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