• Montenegro's Court docket of Enchantment has rejected Do Kwon's enchantment relating to his impending extradition to South Korea.
• Kwon was arrested final yr following the collapse of Terra Luna and its stablecoin UST in 2022.

Do Kwon has been indicted for his position within the sinking of the Terra ship and shall be extradited to South Korea.

Montenegrin court docket dismisses Kwon's enchantment

Right this moment, Montenegro's Court docket of Enchantment rejected Mr. Kwon's enchantment for an order canceling his extradition to South Korea. In a March 20 announcement, the appeals court docket stated its choice was remaining.

He won’t go to america or keep in Montenegro, the place he was arrested in 2023.

Slightly, Mr. Kwon will now face prison costs associated to the collapse of Terra LUNA and algorithmic stablecoin Terra USD (UST) and be deported to South Korea.

The $40 billion implosion precipitated an enormous an infection throughout cryptocurrencies, together with crypto hedge fund Three Arrows Capital. 3AC was a serious casualty, which meant even greater losses for buyers throughout the crypto ecosystem.

Kwon has been detained in Montenegro since his arrest final Could. Montenegro's Excessive Court docket permitted his extradition in November, and final month the choice to deport him to america was reversed.

The USA and South Korea are eager to accumulate Dokwon, and the South Korean authorities has just lately sought Interpol's help.

Cryptocurrency boss in hassle

This newest improvement will see the needed former CEO of Terraform Labs head to South Korea. He’s one in every of a number of former crypto bosses to face prosecution prior to now two years.

FTX's former CEO, Sam Bankman Freed, was discovered responsible by a jury in early November. He’s scheduled to be sentenced on March 28, and U.S. prosecutors are looking for a sentence of 40 to 50 years in jail.

Former Binance CEO Qiao Changpeng pleaded responsible final yr to anti-money laundering violations and can also be awaiting sentencing in america.