- The Montenegro Appellate Courtroom rejected Do Kwon’s enchantment on impending extradition to South Korea.
- Kwon was arrested final 12 months following the collapse of Terra Luna and its stablecoin UST in 2022.
Do Kwon, wished for prosecution over his position within the implosion that sank Terra, will now be extradited to South Korea.
Montenegro court docket rejects Kwon’s enchantment
At present, the Appellate Courtroom of Montenegro declined Kwon’s enchantment that sought orders quashing his extradition to South Korea. The appeals court docket famous, based on an announcement on March 20, that its determination was ultimate.
He is not going to go to america or keep in Montenegro, the place he was arrested in 2023.
Somewhat, Kwon will now be deported to South Korea the place he faces prison expenses in connection to the collapse of Terra LUNA and the algorithmic stablecoin Terra USD (UST).
The $40 billion implosion resulted in an enormous contagion throughout crypto, with crypto hedge fund Three Arrows Capital. 3AC was an enormous casualty that meant much more losses for buyers throughout the crypto ecosystem.
Kwon has been in custody in Montenegro since his arrest in Could final 12 months. The Montenegro Excessive Courtroom permitted his extradition in November, with a choice to deport him to the US reversed final month.
Each the US and South Korea have been desperate to have Do Kwon, and Seoul not too long ago looking for the assistance of Interpol.
Crypto bosses in bother
With this newest improvement, the wished former Terraform Labs CEO can be heading to South Korea. He’s amongst a number of former crypto bosses to face prosecution over the previous two years.
Sam Bankman-Fried, the previous CEO of FTX, was discovered responsible by a jury in early November. He can be sentenced on March 28, with US prosecutors asking for a 40-50 years jail time period.
Former Binance CEO Changpeng Zhao pleaded responsible to expenses of anti-money laundering violations final 12 months and can be awaiting sentencing within the US.
