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A Montenegro court has denied Terraform Labs chief executive officer (CEO) Do Kwon's bid against extradition to South Korea.
Do Kwon, whose cryptocurrency company, Terraform Labs, collapsed in 2022, is set for extradition from Montenegro to South Korea to face criminal charges regarding the downfall. Rejection of this appeal leaves his charges with numerous uncertainties.
Do Kwon's Destination After Appeal Court Confirmation
An Appeal Court in Montenegro gave its final verdict over Terraform Labs founder Do Kwon's appeal to block his extradition to South Korea. This final ruling was made on Mar. 20 after the panel's session and confirmed the decision of the Higher Court in Podgorica.
According to the appeal court, Do Kwon will be extradited to South Korea to face charges over the fall of his cryptocurrency firm. Recall that Do Kwon - the founder of Terraform Labs - was arrested on an international arrest warrant regarding the $40 billion crash of Terraform Labs' which led to massive losses for investors worldwide.
The embattled CEO is currently serving a four-month sentence in Montenegro after trying to use false Costa Rican passports to board a private jet to Dubai. According to his lawyer, Goran Rodic, the four-month jail term will be completed on Mar. 23 after which he will be extradited the next day.
Kwon's case has become a tangled international affair, with extradition requests from both South Korea and the United States. This highlights how intricate cross-border legal cooperation can be when dealing with cryptocurrency crimes.
Despite the recent ruling by the court in Montenegro, the fact that multiple jurisdictions are involved underscores the global impact of the TerraUSD and Luna crash. This legal battle is not just about one country's regulations but about protecting investors worldwide and enforcing regulations on a global scale.
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