As a long-term crypto investor with a significant portion of my portfolio in Terra (LUNA), I can’t help but feel a mix of emotions upon hearing the news that Do Kwon, the founder of Terraform Labs, has had his extradition to South Korea blocked by the Montenegro Appeals Court.
As a legal analyst, I can share that the Appellate Court in Montenegro has made a decision contrary to the previous ruling, overturning the extradition order for Do Kwon. The South Korean authorities have been seeking Kwon’s extradition regarding his involvement with Terraform Labs’ demise, resulting in substantial financial damages.
Montenegro Court Blocks Do Kwon Extradition
For several months, Seoul and Washington have been pursuing the extradition of Kwon on account of his suspected involvement in a fraud scandal that led to the collapse of Terraform Labs. This incident resulted in approximately $40 billion in losses for investors, causing turbulence in global cryptocurrency markets. Nevertheless, the Appeals Court in Montenegro granted the appeals submitted by Kwon and his legal team, reversing an earlier ruling by the High Court in Podgorica.
The judgment sent the case back to the initial court for a new trial and verdict following a series of previous court rulings that appeared to favor Kwon’s extradition. Kwon, whose true name is Kwon Do-hyung, had eluded authorities for months after escaping from South Korea and Singapore following the company’s collapse in 2022.
This is a developing story.
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2024-05-24 20:25