Do Kwon (founder of Terra, LUNA), who is now in disgrace, will reportedly be extradited after losing a Montenegrin court appeal.
According to a new report by France 24, Kwon – the person suspected of being behind the multibillion-dollar downfall of the Terra ecosystem in 2022 – had his appeal thrown out by the Montenegrin Constitutional Court, which earlier in the year ruled that the conditions for his extradition have been met.
Bojan Bozovic had to make a decision whether to extradite Kwon back to the US or South Korea. Both countries have charges pending against him.
According to the report by the Montenegrin Ministry of Justice
“It has been concluded that the majority of legal criteria favors the extradition of the United States of America.
“As a result, the Minister of Justice approved the extradition of Kwon do Hyung to the United States while simultaneously rejecting the request for extradition from the Republic of Korea.”
Kwon was born in South Korea. arrested He was caught in Montenegro, in March 2023 trying to board a plane to Dubai using a fake Costa Rican visa.
Kwon has been accused of masterminding an elaborate Ponzi scheme that involved the stablecoin TerraUSD, which led to the loss of over $40 billion in investor money.
The dollar-pegged crypto asset – which at the time was following an automated, algorithmic system to keep its price steady – eventually collapsed after its stabilization mechanism backfired.
The Montenegrin Supreme Court initially ruled Kwon’s extradition to the US is scheduled for February.
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