Do-hyung Kwon, the CEO of #Terraform Laboratories, was recently apprehended in Montenegro, which has revealed his earlier rejection of American jurisdiction while on the run. Kwon might have rejected U.S. jurisdiction in order to lessen the harshness of his upcoming punishment, according to a YNA article.

Kwon played a significant role in the "Terra/Luna" incident, which led to the collapse of bitcoin prices globally. He asked the U.S. to extend by 30 days the deadline for submitting an appeal request with regard to violating the summons order issued by the US Supreme Court and Securities and Exchange Commission (SEC) on August 18 of last year, to October 6.

The SEC served Kwon with a subpoena referencing Terraform Labs' "Mirror Protocol" app in person in New York, USA, on September 20, 2021. Kwon fled from Korea in April of last year, a month before the Terra and Luna accident. He has been residing as a wanted man for the past four months.

Kwon's lawyer objected in the documents forwarded to the Supreme Court that the SEC's personal jurisdiction was acknowledged by the 2nd Court of Appeal despite Terraform being a Singapore corporation and Kwon being a Singapore resident. According to Kwon's side, the court's ruling on its personal jurisdiction is comprehensive and significant, taking into account both the general environment and the digital market.

By applying the judicial approach of adding together the penalties for each separate offense, it is conceivable to condemn someone to more than 100 years in jail in the United States. The highest penalty for economic crimes in #Korea is only around 40 years, and there are no rules or laws defining whether #cryptocurrency is a security or not.

Observers speculate that Kwon's rejection of U.S. jurisdiction may have been an effort to buy himself some time to flee while also lessening the harshness of his future sentence. Nonetheless, Kwon is currently being held in custody in Montenegro and is being tried for using fake documents. His legal counsel has stated that "no response" when asked whether the man wants to be extradited to South Korea or the United States.

Regarding the legality of cryptocurrencies and economic crimes in several nations, the case of Kwon and Terraform Laboratories has generated interest and created doubts. It will be interesting to see how the case affects upcoming cryptocurrency-related laws and legal procedures as it develops.

According to reports, #DoKwon was detained while attempting to use forged Costa Rican passports to catch an aircraft to Dubai. A fake Belgian passport was also found among his belongings. According to an investigation by Interpol, forging a passport is a serious offense in Montenegro that carries a sentence of up to five years in jail.

This news is republished from https://coinaquarium.io/