🚨 Montenegro Court Rejects Do Kwon's Extradition Appeal
Recently, the Constitutional Court of Montenegro rejected the appeal filed by South Korean cryptocurrency tycoon and Terraform Labs co-founder Do Kwon, upholding an earlier extradition ruling. This also means he may soon be extradited back to South Korea or the United States, facing related charges of financial crimes.
Do Kwon was a central figure in the collapse of the TerraUSD (UST) stablecoin and its sister token Luna, an incident that caused losses of up to $40 billion across the financial markets. In light of this situation, both the United States and South Korea are seeking to extradite Do Kwon and accuse him of fraud and market manipulation.
Since the collapse of TerraUSD and Luna last year, Do Kwon has been like an international fugitive, traveling through Singapore, the UAE, Serbia, and ultimately being arrested in Montenegro for attempting to travel with a fake passport.
The latest ruling from the Montenegro court leaves Do Kwon with increasingly few legal options. Analysts predict he is likely to be sent to the United States to face charges related to the collapse of Terra-Luna.
Additionally, in June 2024, the U.S. Securities and Exchange Commission (SEC) imposed a hefty civil penalty of $4.47 billion on Do Kwon and Terraform Labs, which includes a significant fine against Kwon personally and prohibits him from engaging in any cryptocurrency transactions, making Kwon's legal situation increasingly dire.
Although the ruling has been made, Do Kwon's legal team is still vigorously opposing the extradition, especially to the United States, given that the charges there are more severe. Meanwhile, South Korea is also urging a swift resolution to this issue, as it fears that delays in the extradition process may infringe on the human rights of its citizens.
In summary, whether Do Kwon will be extradited and the direction of his fate will depend on the final decision of the Montenegro Minister of Justice regarding his next legal steps.
🗣 Conclusion:
There is no doubt that if Do Kwon is extradited to the United States, he will face charges and trials that are more severe than those from the South Korean judicial system.
This also serves as a reminder to all parties in the industry to take legal compliance seriously to avoid falling into similar predicaments.
💬 What do you think about the implications of this event? Where do you think Do Kwon will ultimately be extradited? See you in the comments!
