The Constitutional Court of Montenegro has rejected the extradition appeal of Do Kwon, co-founder of Terraform Labs, thus officially upholding the ruling to extradite him to the United States and South Korea. This decision marks a significant legal defeat for Kwon, who faces multiple charges of financial fraud related to the collapse of the Terra Luna empire, which caused more than $40 billion in losses in 2022.
The legal battle and its consequences
Kwon was arrested in March 2023 in Montenegro while using a fake passport. After the collapse of Terra Luna in 2022, he became the target of an international investigation with allegations such as fraud, market manipulation, and securities regulation violations. Courts in the United States and South Korea have requested Kwon's extradition to address these alleged offenses.
The case also highlights the legal conflicts in the cross-border cryptocurrency sector, as both countries want to extradite Kwon to their homeland for trial.
Impacts and related concerns
In addition to the fraud allegations, the case is also linked to a series of political controversies. A court document from April 2023 revealed that Montenegro's Prime Minister, Milojko Spajic, may have invested in Terraform Labs, raising many questions about his connection to this collapsed cryptocurrency project.
Conclusion
Montenegro's ruling not only increases legal pressure on Do Kwon but also sets an important precedent in handling cross-border issues in the cryptocurrency industry. With Kwon's extradition, the international community is closely watching to see if he will be held fully accountable under the law.#TerraLabs #DoKwon #LUNA
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