- The Montenegro Appellate Court docket rejected Do Kwon’s attraction on impending extradition to South Korea.
- Kwon was arrested final 12 months following the collapse of Terra Luna and its stablecoin UST in 2022.
Do Kwon, wished for prosecution over his position within the implosion that sank Terra, will now be extradited to South Korea.
Montenegro courtroom rejects Kwon’s attraction
In the present day, the Appellate Court docket of Montenegro declined Kwon’s attraction that sought orders quashing his extradition to South Korea. The appeals courtroom famous, in line with an announcement on March 20, that its determination was last.
He won’t go to the US or keep in Montenegro, the place he was arrested in 2023.
Slightly, Kwon will now be deported to South Korea the place he faces prison costs in connection to the collapse of Terra LUNA and the algorithmic stablecoin Terra USD (UST).
The $40 billion implosion resulted in a large contagion throughout crypto, with crypto hedge fund Three Arrows Capital. 3AC was an enormous casualty that meant much more losses for buyers throughout the crypto ecosystem.
Kwon has been in custody in Montenegro since his arrest in Might final 12 months. The Montenegro Excessive Court docket authorized his extradition in November, with a choice to deport him to the US reversed final month.
Each the US and South Korea have been desperate to have Do Kwon, and Seoul not too long ago in search of the assistance of Interpol.
Crypto bosses in hassle
With this newest growth, the wished former Terraform Labs CEO will likely be heading to South Korea. He’s amongst a number of former crypto bosses to face prosecution over the previous two years.
Sam Bankman-Fried, the previous CEO of FTX, was discovered responsible by a jury in early November. He will likely be sentenced on March 28, with US prosecutors asking for a 40-50 years jail time period.
Former Binance CEO Changpeng Zhao pleaded responsible to costs of anti-money laundering violations final 12 months and can be awaiting sentencing within the US.
