As a seasoned analyst with a decade of experience navigating the tumultuous waters of international finance and law, I must say that this latest development in the Do Kwon saga is both intriguing and somewhat predictable. Given the complexities of global extradition treaties and the sheer magnitude of the financial collapse associated with Terraform Labs, it’s no surprise to see such a drawn-out legal battle.
Following a lengthy court case lasting approximately 16 months, the Appellate Court of Montenegro has decided to send the crypto entrepreneur Do Kwon back to his native South Korea, denying an alternative extradition demand from the United States.
Do Kwon One Step Closer To Facing Trial In South Korea
International investigations have centered around Do Kwon, the co-founder of Terraform Labs, following the collapse of his company’s Luna and TerraUSD cryptocurrencies which reportedly caused around $40 billion in losses for investors. This event has led both South Korean and U.S. authorities to pursue legal action against Kwon, alleging that he masterminded a large-scale fraud.
The August 1st ruling by the Montenegrin court signifies a triumph for South Korean prosecutors, who have been chasing Kwon ever since he fled in September 2022. This decision brings an end to a lengthy legal process that has unfolded in Montenegro since Kwon’s apprehension at Podgorica airport in March 2023.
Based on news reports from the local media, the judge handling the case decided that South Korea’s extradition demand should be prioritized over the U.S.’s request. This was due to the fact that South Korea’s request was filed first, which is consistent with Montenegro’s current extradition treaty with South Korea, a treaty that holds higher precedence than its agreement with the United States.
“Goran Rodic, Do Kwon’s attorney, stated that this court decision marks the second time legal proceedings have been established for Kwon’s extradition to South Korea. The ruling aligns completely with domestic and international laws governing the extradition of individuals sought for criminal prosecution or serving a sentence.”
As a crypto investor, I’ve been closely following the developments regarding Do Kwon and his business partner, Chang Joon. After being sentenced to four months in prison in Montenegro for trying to leave the country with fake passports, they served their time. Following this, Kwon was relocated to a foreigner’s shelter near the capital, Podgorica, while waiting for extradition proceedings. In contrast, Chang Joon was successfully extradited to South Korea.
Mounting Legal Woes
Beyond Montenegro, legal issues surrounding Do Kwon are wide-reaching. In April, it was reported by Bitcoinist that a New York jury found Kwon and Terraform Labs guilty of civil fraud, aligning with the US Securities and Exchange Commission’s (SEC) claim that they had misled investors. As a result, the company agreed to pay a $4.5 billion fine to the SEC.
Although the civil settlement was reached, the U.S. government continues to pressurize Montenegro for Kwon’s extradition and criminal prosecution regarding his wrongdoings in the crypto market. Yet, the recent decision by Montenegro’s Supreme Court poses a challenge to the U.S. authorities’ hopes.
Currently, Luna Classic (LUNC) is being exchanged at $0.00007379 per token, representing a decrease of more than 9% in the past 24 hours. When viewed over extended durations, the token has also experienced a drop of 15% in the last two weeks and a decline of 8% during the past month.
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2024-08-02 14:12