An appeals court docket in Montenegro on Wednesday confirmed {that a} South Korean mogul often known as “the cryptocurrency king” might be handed over to his native nation.
Each South Korea and the U.S. had requested Do Kwon’s extradition from Montenegro. A Montenegrin court docket initially determined he ought to be handed over to the U.S. however that ruling was later overturned in favor of South Korea.
The Appeals Courtroom of Montenegro accredited an earlier ruling by the Excessive Courtroom to extradite Kwon to South Korea fairly than america, an announcement stated. He has no additional avenues for enchantment.
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Kwon was charged within the U.S. with fraud by federal prosecutors in New York.
It was not instantly clear when Kwon could be handed over. Kwon’s lawyer in Montenegro, Goran Rodic, stated that “we are content with the decision of the Appeals Court.”
FILE – Montenegrin law enforcement officials escort South Korean citizen, Terraform Labs founder Do Kwon in Montenegro’s capital Podgorica, March 24, 2023. A court docket in Montenegro has dominated that Do Kwon ought to be extradited to america to face fraud expenses fairly than to his native South Korea, a court docket official within the Balkan Nation stated Thursday Feb. 22, 2024. Do Kwon, 32, was arrested practically a 12 months in the past in Montenegro on a world arrest warrant in reference to a $40 billion crash of Terraform Labs cryptocurrency, which devastated retail traders all over the world. (AP Picture/Risto Bozovic, File)
“It is now a binding decision and the law envisages that further handover procedure will be handled by the justice ministries of Montenegro and South Korea, as well as the relevant police authorities who will determine the time, location and conditions of the handover,” Rodic advised The Associated Press.
The 32-year-old Kwon was arrested within the Balkan nation final 12 months over a $40 billion crash of Terraform Labs’ cryptocurrency, which devastated retail traders all over the world.
Kwon and one other South Korean had been arrested whereas attempting to depart for Dubai, United Arab Emirates, utilizing faux Costa Rican passports. He has served a jail time period in Montenegro for utilizing a faux passport.
Kwon and 5 others related to Terraform had been needed on allegations of fraud and monetary crimes in relation to the implosion of its digital currencies in Might 2022.
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TerraUSD was designed as a “stablecoin,” a foreign money which is pegged to steady property just like the greenback to forestall drastic fluctuations in costs. Nevertheless, round $40 billion in market worth was erased for the holders of TerraUSD and its floating sister foreign money, Luna, after the stablecoin plunged far under its $1 peg.
