Terraform Labs’ Do Kwon will now be extradited to South Korea

An artistic depiction of Do Kwon's legal challenges, featuring a stylized globe with the flags of South Korea, the United States, and Montenegro, scales of justice, and elements representing the digital and cryptocurrency realms.

A Montenegro court docket has dominated in favor of extraditing Terraform Labs co-founder Do Kwon to South Korea, as native media Vijesti stories. This choice overturns a earlier ruling that favored his extradition to the USA, spotlighting the intricate net of authorized challenges Do Kwon faces throughout a number of jurisdictions.

The choice by the excessive court docket in Podgorica got here after a sequence of authorized maneuvers, together with an attraction by Do Kwon in opposition to his extradition to the U.S., which had initially been selected Feb. 21. His protection argued that the authorized course of was flawed, main the Montenegro Court docket of Appeals to revoke his U.S. extradition on March 5, in accordance with The Block.

The twist in Do Kwon’s extradition saga underscores the worldwide nature of the authorized pursuit in opposition to him. Earlier on Thursday, South Korea’s Nationwide Police Company sought help from Interpol to safe Do Kwon’s extradition from Montenegro, highlighting that South Korea had lodged its request earlier than the USA did. This worldwide authorized tug-of-war illustrates the complexity and excessive stakes concerned in Kwon’s case.

Do Kwon is on the heart of a storm following the dramatic collapse of the Terra ecosystem in Might 2022. The failure of the algorithmic stablecoin TerraUSD led to a staggering $45 billion loss in market capitalization, shaking the cryptocurrency world to its core. Because the co-founder of Terraform Labs, Do Kwon faces fraud costs in South Korea associated to this collapse, marking a swift fall from grace for the once-celebrated crypto entrepreneur.

The submit Terraform Labs’ Do Kwon will now be extradited to South Korea appeared first on ReadWrite.

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