Recently, Do Kwon’s contentious extradition case between the United States and South Korea has led Montenegro to experience some notable developments.
Following Montenegro’s appeal court decision to deny Kwon’s extradition to the United States, Montenegro’s Supreme Court subsequently reversed prior orders for his extradition to South Korea (according to a recent Bloomberg report).
The advancement in this case has strengthened the United States’ determination to charge the ex-crypto tycoon with fraud, following the demise of TerraUSD stablecoin in 2022. Yet, Do Kwon’s final outcome remains uncertain as both the US and South Korea are pursuing his extradition.
Do Kwon’s Extradition Battle Takes A New Turn
Mid-March brought a report from Bitcoinist about a Montenegrian appeals court denying the extradition of Kwon to the US, but prioritizing South Korea’s request instead. However, Montenegro’s Supreme Court later reversed these decisions, allowing US attempts to pursue fraud charges against Kwon to continue.
The Supreme Court has indicated that it is ultimately the justice minister who will decide on the location for Kwon’s extradition, following a comprehensive review of the extradition terms.
More recent events in the United States have added to the complexity of Do Kwon’s predicament. A New York federal jury has determined that both Kwon and Terraform Labs deceived investors who collectively poured huge sums of money into cryptocurrencies, only for those assets to experience significant value loss.
In February 2023, the Securities and Exchange Commission (SEC) accused Kwon and Terraform Labs of orchestrating a deceitful plan leading to approximately $40 billion worth of market value decrease.
Terraform Labs Challenges Verdict
After being given an unfavorable judgment, Terraform Labs voiced their disappointment and argued that the presented evidence didn’t justify the jury’s ruling.
The business will consider possible legal actions and subsequent moves, such as filing an appeal, in response to the SEC’s labeling of Terraform’s tokens as “securities.” Previously, Terraform indicated its plan to contest this classification.
Kwon’s lack of presence in the courtroom could potentially strengthen the case for the appeal. A representative from Terraform commented, “According to our understanding, Kwon’s absence might have hindered his active involvement in the trial, which could be relevant to our appeal.”
We’re deeply unhappy with the court’s decision, which we think contradicts the available evidence. We still argue that the Securities and Exchange Commission lacked the legal right to file this lawsuit in the first place. As we consider our alternatives and future actions, we’ll proceed thoughtfully.
In the end, this decision supports the US initiative to bring Do Kwon to justice for alleged fraud connected to the failure of TerraUSD stablecoin. Nevertheless, the final result is uncertain as Montenegro’s minister of justice will determine where Do Kwon will be surrendered, contingent upon meeting extradition requirements.
The price of Luna Classic (previously known as Terraform Labs’ Luna token) is currently at $0.0001378. This marks a minimal 1% rise in the last day. Yet, over the past month, its value has decreased by approximately 28%.
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2024-04-09 04:11