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Terraform Labs’ Do Kwon Misplaced Attraction towards South Korea Extradition


A court docket within the Balkan nation of Montenegro has rejected the attraction of cryptocurrency agency Terraform Labs’ co-founder Do Kwon to dam his extradition to South Korea. This choice has sealed the switch of custody of Kwon to authorities in South Korea, the place he might face “a number of felony offenses.”

The appeals court docket highlighted that by rejecting the attraction, it upheld the earlier choice 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 attraction of the defendant’s counsel, the panel of the Courtroom of Appeals assessed that the first-instance court docket had appropriately 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 chapter of some different companies.

Kown fled rapidly amid the undertaking’s collapse, and his whereabouts remained unknown till he was arrested final yr in Montenegro whereas touring with false paperwork.

Aside from South Korea, the authorities in america are additionally after Kwon. The US prosecutors introduced eight costs towards Kwon. Though the US tried to extradite him from Montenegro, the protection legal professionals of Kwon efficiently appealed that try. Nonetheless, the US would possibly transfer ahead with prosecuting Kwon even with out his bodily presence.

The US Securities and Trade Fee additionally filed a civil swimsuit towards Terraform Labs and Kwon, whereas the 2 are additionally 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 attraction of cryptocurrency agency Terraform Labs’ co-founder Do Kwon to dam his extradition to South Korea. This choice has sealed the switch of custody of Kwon to authorities in South Korea, the place he might face “a number of felony offenses.”

The appeals court docket highlighted that by rejecting the attraction, it upheld the earlier choice 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 attraction of the defendant’s counsel, the panel of the Courtroom of Appeals assessed that the first-instance court docket had appropriately 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 chapter of some different companies.

Kown fled rapidly amid the undertaking’s collapse, and his whereabouts remained unknown till he was arrested final yr in Montenegro whereas touring with false paperwork.

Aside from South Korea, the authorities in america are additionally after Kwon. The US prosecutors introduced eight costs towards Kwon. Though the US tried to extradite him from Montenegro, the protection legal professionals of Kwon efficiently appealed that try. Nonetheless, the US would possibly transfer ahead with prosecuting Kwon even with out his bodily presence.

The US Securities and Trade Fee additionally filed a civil swimsuit towards Terraform Labs and Kwon, whereas the 2 are additionally 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.

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