Disgraced Terra (LUNA) founder Do Kwon is reportedly going to be extradited to the US after shedding an enchantment 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 enchantment thrown out by the Montenegrin Constitutional Court docket, which earlier within the yr dominated that the circumstances for his extradition have been met.
Nevertheless, Justice Minister Bojan Bozovic nonetheless needed to resolve whether or not to extradite Kwon to the US or South Korea, each of which have pending expenses towards him.
As acknowledged by the Montenegrin Ministry of Justice, in accordance with the report,
“It was concluded that almost all of the factors prescribed by legislation favor the extradition request from the competent authorities of the USA of America.
Consequently, the Minister of Justice issued a choice approving the extradition of Kwon Do Hyung to the USA, 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 pretend 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 dominated that Kwon is to be extradited to the US in February.
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