Disgraced Terra (LUNA) founder Do Kwon is reportedly going to be extradited to the US after shedding an attraction in a Montenegrin excessive court docket.
In accordance with a brand new report by France 24, Kwon – the individual suspected of being behind the multibillion-dollar downfall of the Terra ecosystem in 2022 – had his attraction thrown out by the Montenegrin Constitutional Court docket, which earlier within the yr dominated that the circumstances for his extradition have been met.
Nonetheless, Justice Minister Bojan Bozovic nonetheless needed to determine whether or not to extradite Kwon to the US or South Korea, each of which have pending fees in opposition to him.
As said by the Montenegrin Ministry of Justice, in line with the report,
“It was concluded that almost all of the factors prescribed by regulation favor the extradition request from the competent authorities of the US of America.
Consequently, the Minister of Justice issued a call approving the extradition of Kwon Do Hyung to the US, whereas concurrently rejecting the extradition request from the Republic of Korea,”
Kwon, a South Korean native, was initially arrested in Montenegro in March 2023 after he was caught making an attempt to board a flight to Dubai with a faux Costa Rican passport.
Kwon is accused of masterminding a Ponzi scheme involving the stablecoin TerraUSD that led to over $40 billion price of investor’s cash being worn out.
The dollar-pegged crypto asset – which on the time was following an automatic, algorithmic system to maintain its worth regular – ultimately collapsed after its stabilization mechanism backfired.
The Montenegrin Supreme Court docket initially ruled that Kwon is to be extradited to the US in February.
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