US DOJ appeals Montenegro court’s extradition verdict favoring Do Kwon’s return to South Korea

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U.S. prosecutors have declared their intention to attraction a latest choice by a Montenegrin excessive court docket relating to the extradition of Do Kwon, the previous CEO of Terraform Labs, to South Korea.

The event is a part of an ongoing authorized saga involving a number of jurisdictions, together with South Korea and the U.S., each of which have filed extradition requests for Kwon.

In line with a report by Bloomberg on March 7, the Division of Justice (DOJ) of the U.S. is pursuing Kwon’s extradition in step with “related worldwide and bilateral agreements and Montenegrin legislation.” The DOJ additionally expressed appreciation for the cooperation of Montenegrin authorities in adhering to the rule of legislation.

The authorized battle over Kwon’s extradition reached a pivotal second on Feb. 21, when the Excessive Courtroom in Podgorica ruled in favor of sending Kwon to the USA. Nonetheless, this choice was overturned two weeks later by the Montenegro Appeals Courtroom resulting from “important violations of the provisions of legal process.” This shift within the court docket’s stance realigns Kwon’s potential extradition path again towards South Korea.

The U.S. case in opposition to Kwon entails eight fees, together with allegations of fraud and market manipulation associated to the $40 billion collapse of the Terra ecosystem. South Korea has additionally levied fees in opposition to Kwon, together with fraud and violations of capital markets legislation. Kwon’s authorized crew has expressed a choice for his extradition to South Korea, citing proximity to his household and a possible 40-year jail sentence.

This authorized improvement coincides with one other high-profile case in the USA involving Sam Bankman-Fried, the co-founder of FTX, who faces doubtlessly many years in jail following a fraud conviction in New York. The Manhattan U.S. lawyer’s workplace, which can be pursuing fees in opposition to Kwon, prosecuted Bankman-Fried.

Kwon was apprehended in March 2023 by Montenegrin authorities for touring with a counterfeit Costa Rican passport, following an arrest warrant issued by South Korean prosecutors in September 2022. Since his arrest, Kwon has frolicked in jail over the passport incident and was later transferred to extradition custody.

In associated information, the Terra Traditional neighborhood is actively engaged on initiatives to get well from the collapse of TerraUSD (UST) in Might 2022. Efforts embody implementing token-burning mechanisms to scale back the general provide of LUNC and discussing potential rebranding methods. These measures purpose to revive investor confidence and differentiate the venture from its troubled previous.

Moreover, the neighborhood is exploring integrations with new tasks and decentralized purposes to broaden LUNC’s utility and encourage adoption throughout the web3 ecosystem.

Regardless of these efforts, the fallout from the TerraUSD crash continues to pose regulatory challenges for LUNC, impacting its credibility within the monetary market.

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