Montenegro’s Appellate Court has confirmed that Do Kwon, co-founder of Terraform Labs, will be extradited to South Korea.
This August 1 ruling ensures Kwon will be quickly returned to his home country, with no further appeals pending.
The decision marks the end of numerous appeals and reversals concerning whether Kwon should face charges in the United States or South Korea. The latter jurisdiction is perceived to be more favorable for Kwon.
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The US District Court for the Southern District of New York found both Terraform Labs and Kwon guilty of fraud in a lawsuit filed by the US Securities and Exchange Commission (SEC). The verdict, delivered on April 5, held them liable on five counts, including recklessly managing customer funds and misleading investors.
In June, Terraform Labs agreed to a $4.47 billion settlement with the SEC. This settlement included disgorgement fines of approximately $3.6 billion, a $420 million civil penalty, and $467 million in prejudgment interest. Additionally, the settlement included around $204 million in legal fines imposed on Kwon.
The SEC has recently assured that the regulator will not collect these funds until the investors and creditors are fully compensated.
The crypto community has followed the resolution of this legal battle, given the impact of Terraform Labs’ on the market. Kwon’s extradition to South Korea marks an important update in the case.
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