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Montenegro Court Approves Do Kwon’s Extradition
Recently, South Korean local media outlet YNA reported that a Montenegrin court has once again given the green light for the extradition of Do Kwon, the co-founder of Terraform Labs.
This significant development comes on the heels of a previous ruling by the Supreme Court of Montenegro, which had nullified a previous decision recommending Kwon’s extradition to South Korea. The Supreme Court cited procedural irregularities and demanded a comprehensive review of the case.
The Supreme Court clarified that the determination of Kwon’s ultimate destination rests with Justice Minister Andrei Milovic, rather than the Podgorica Court, which was solely responsible for verifying the extradition request’s compliance with legal standards.
Legal Proceedings and Extradition Destination
During the retrial at the Podgorica High Court, it was affirmed that all legal prerequisites for Kwon’s extradition, either to South Korea or the United States, had been met.
As of now, the decision regarding Kwon’s deportation lies in the hands of Milovic. While the Justice Minister is inclined towards extraditing Kwon to the US, the embattled crypto executive is adamant about being sent back to South Korea.
Despite public speculation, Milovic has refrained from publicly declaring his final decision on the matter.
Kwon gained international notoriety in 2022 following the collapse of his firm’s algorithmic stablecoin UST, resulting in a staggering $40 billion loss in the cryptocurrency market. Allegations of fraud emerged in the aftermath, leading to legal actions against Kwon and his associates in multiple jurisdictions, including the US and South Korea.
After being detained for using counterfeit travel documents in Montenegro, Kwon has been under Montenegrin custody for the past year.
Recently, a jury in Manhattan found Kwon guilty, along with his bankrupt company Terraform Labs, of defrauding investors who suffered substantial losses during the TerraLUNA collapse. Terraform Labs has expressed its intention to challenge the verdict through legal avenues.
In light of these events, the fate of Do Kwon now hangs in the balance as the justice system deliberates his extradition, leaving the crypto community and global observers on edge regarding the final outcome.
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