LIVE#cpi #bitcoinhalving # Montenegro Court Approves Do Kwon's Extradition:
What You Need to Know
## Background
The ongoing legal saga surrounding **Do Kwon**, often referred to as the *"cryptocurrency king,"* has taken yet another twist. Do Kwon, the founder of **Terraform Labs**, was arrested in Montenegro last year.
## The Extradition Process
1. **Initial Ruling**: In February 2024, the **Higher Court in Podgorica** approved the expedited extradition of Do Kwon to the U.S. following a request by federal prosecutors in New York¹². He was charged with fraud related to the **$40 billion crash** of Terraform Labs' cryptocurrency, which significantly impacted retail investors worldwide.
2. **Supreme Court Reversal**: However, the local **Supreme Court of Montenegro** later overturned this decision, rejecting the extradition to the U.S. and restarting the process⁸. Instead, they favored South Korea's request for Do Kwon's extradition.
3. **Latest Development**: Now, Montenegro's **top court** has once again ruled in favor of the U.S., stating that Do Kwon should be extradited to face fraud charges there rather than returning to his native South Korea⁷. The final decision lies with Montenegro's **Justice Minister Andrej Milovic**.
## Terra's Implosion
Do Kwon and five others associated with Terraform Labs faced allegations of fraud and financial crimes related to the implosion of its digital currencies in **May 2022**. TerraUSD, designed as a *"stablecoin,"* suffered a drastic loss in market value, affecting holders worldwide. The stablecoin, along with its sister currency **Luna**, plummeted far below its $1 peg, causing significant losses⁴.
## What's Next?
While the legal battle continues, Do Kwon's fate remains uncertain. If extradited to the U.S., he could face up to **40 years in jail** for the charges against him. The extradition process is still subject to appeal, and the saga continues as Montenegro's courts deliberate on the matter⁹.
Source:Do Kwon's US Extradition Overturne