A court docket within the Balkan nation of Montenegro has rejected the enchantment of cryptocurrency agency Terraform Labs’ Co-Founder, Do Kwon, to dam his extradition to South Korea. This determination has sealed the switch of custody of Kwon to authorities in South Korea the place he’ll face “a number of prison offenses.”
The appeals court docket highlighted that by rejecting the enchantment, it upheld the earlier determination of the nation’s excessive court docket to extradite Kwon to South Korea and never america. Kwon is a citizen of South Korea.
“Deciding on the enchantment of the defendant’s counsel, the panel of the Court docket of Appeals assessed that the [trial] court docket had accurately established that the request of the Republic of South Korea arrived earlier within the order of arrival in comparison with the request of the USA,” the appeals court docket famous within the ruling.
“[It] decided permitting the extradition of the accused Do Kwon to South Korea.”
A Huge Crypto Collapse
Below Kwon’s watch, Terraform Labs’ TerraUSD and Luna cash collapsed in Could 2022, wiping out almost $37 billion within the cryptocurrency market worth and triggering a wider collapse and the chapter of some different corporations.
Kwon fled shortly amid the challenge’s collapse, and his whereabouts remained unknown till he was arrested final 12 months in Montenegro whereas touring with false paperwork.
Other than South Korea, the authorities in america are additionally after Kwon. The US prosecutors introduced eight expenses towards Kwon. Though the US tried to extradite him from Montenegro, the protection legal professionals of Kwon efficiently appealed that try. Nevertheless, the US may transfer ahead with prosecuting Kwon even with out his bodily presence.
The US Securities and Alternate Fee moreover filed a civil go well with towards Terraform Labs and Kwon, whereas the 2 are dealing with the prospect of a category motion lawsuit in Singapore. In January, Terraform Labs filed for chapter within the US, estimating the liabilities within the vary of $100 million to $500 million.
A court docket within the Balkan nation of Montenegro has rejected the enchantment of cryptocurrency agency Terraform Labs’ Co-Founder, Do Kwon, to dam his extradition to South Korea. This determination has sealed the switch of custody of Kwon to authorities in South Korea the place he’ll face “a number of prison offenses.”
The appeals court docket highlighted that by rejecting the enchantment, it upheld the earlier determination of the nation’s excessive court docket to extradite Kwon to South Korea and never america. Kwon is a citizen of South Korea.
“Deciding on the enchantment of the defendant’s counsel, the panel of the Court docket of Appeals assessed that the [trial] court docket had accurately established that the request of the Republic of South Korea arrived earlier within the order of arrival in comparison with the request of the USA,” the appeals court docket famous within the ruling.
“[It] decided permitting the extradition of the accused Do Kwon to South Korea.”
A Huge Crypto Collapse
Below Kwon’s watch, Terraform Labs’ TerraUSD and Luna cash collapsed in Could 2022, wiping out almost $37 billion within the cryptocurrency market worth and triggering a wider collapse and the chapter of some different corporations.
Kwon fled shortly amid the challenge’s collapse, and his whereabouts remained unknown till he was arrested final 12 months in Montenegro whereas touring with false paperwork.
Other than South Korea, the authorities in america are additionally after Kwon. The US prosecutors introduced eight expenses towards Kwon. Though the US tried to extradite him from Montenegro, the protection legal professionals of Kwon efficiently appealed that try. Nevertheless, the US may transfer ahead with prosecuting Kwon even with out his bodily presence.
The US Securities and Alternate Fee moreover filed a civil go well with towards Terraform Labs and Kwon, whereas the 2 are dealing with the prospect of a category motion lawsuit in Singapore. In January, Terraform Labs filed for chapter within the US, estimating the liabilities within the vary of $100 million to $500 million.
