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Victory for #DoKwon ? Latest Montenegro ruling reverses South Korea extradition
Due to extradition fights between the US and South Korea, Montenegro recently saw a major development in the case of disgraced crypto billionaire Do Kwon.
Bloomberg reported that Montenegro's Supreme Court overruled prior orders to extradite Kwon to South Korea after a Montenegrin appellate court denied his extradition to the US.
This has boosted US attempts to pursue the former crypto billionaire for fraud relating to the 2022 TerraUSD stablecoin crash. Do Kwon's fate is uncertain while the US and South Korea pursue his extradition.
The Supreme Court has indicated that the justice minister would decide where to extradite Kwon after reviewing the extradition circumstances.
Recent US events have worsened Do Kwon's status. Kwon and Terraform Labs were found guilty by a New York federal jury of scamming investors who lost billions of dollars in crypto assets.
In February 2023, the SEC filed a civil action alleging that Kwon and Terraform Labs committed fraud that caused a $40 billion market value loss.
The corporation will consider its legal options, including an appeal. Terraform previously stated its plans to fight the SEC's categorization of its tokens as "securities."
Kwon's absence from court reduced his participation, which may help the appeal. A Terraform spokesman stated:
We're dissatisfied with the verdict, which doesn't match the facts. We remain convinced that the SEC lacks the legal jurisdiction to pursue this complaint and are considering our alternatives.
This ruling supports US attempts to prosecute Do Kwon for fraud linked to TerraUSD's failure. Depending on extradition requirements, Montenegro's justice minister will determine where to extradite Do Kwon.
Luna Classic (LUNC), Terraform Labs' token renamed following the collapse that led to legal action against the firm and its co-founder, trades at $0.0001378. Over the previous 24 hours, it rose 1%. The token has lost 28% in the previous 30 days across lengthier timeframes.
