Do Kwon’s Extradition Hits a Roadblock as Montenegro Courtroom Hits Pause

The extradition of Kwon Do-hyung, also referred to as Do Kwon,
from Montenegro to South Korea has been postponed as soon as once more. This determination was
made by the Supreme Courtroom of Montenegro yesterday (Thursday). The court docket will
overview the legality of the extradition request from South Korea earlier than making a
closing determination, anticipated early subsequent week.

Authorized Battle Continues

Final Thursday, an
appeals court upheld a previous ruling to extradite Kwon to South Korea, as
reported by Finance Magnates.
This determination rejected a request to extradite him to the USA as an alternative.
The appeals court docket’s ruling confirmed an earlier determination by a decrease court docket.

Kwon has been concerned in a prolonged authorized battle over his
extradition. The South Korean prices towards him usually are not publicly recognized, however US
prosecutors have charged him with fraud.

🚨UPDATE: Do Kwon’s extradition from Montenegro faces one other delay. The saga continues for the Terra co-founder. pic.twitter.com/2DgP15Bs9l

— Paweł Łaskarzewski (@PawelSynapse) August 8, 2024

Kwon, recognized for Terraform Labs, noticed his venture’s
cryptocurrencies, TerraUSD and Luna, collapse in 2022, erasing about $37
billion in worth. The collapse led to the downfall of different crypto companies.

In June, Kwon and Terraform Labs settled with the SEC for
$4.5 billion, together with $204.three million from Kwon personally. Initially, the SEC
sought $5.three billion. Terraform Labs, which declared chapter earlier this
12 months, reported liabilities and property between $100 million and $500 million.

Supreme Courtroom Suspends Extradition

Kwon and an affiliate have been arrested final 12 months whereas
touring with faux paperwork. Though Montenegro’s decrease court docket had ordered
his extradition, the Supreme Courtroom suspended this determination after the highest
prosecutor in Montenegro raised considerations about procedural errors. Kwon was
subsequently released
on bail.

The Supreme Courtroom had beforehand annulled Kwon’s extradition
to South Korea after related objections from the prosecution. The case was then
despatched again to a decrease court docket for additional overview.

This text was written by Tareq Sikder at www.financemagnates.com.

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