Montenegrin Court Rules Extradition of “Cryptocurrency King” to South Korea
In a landmark decision, the Montenegrin court has ruled that Do Kwon, also known as “the cryptocurrency king,” should be extradited to South Korea instead of the United States for fraud charges related to the cryptocurrency crash of Terraform Labs.
Kwon, who was arrested in Montenegro last year on an international warrant, has been at the center of a legal battle between the U.S. and South Korea, both of which had requested his extradition. Initially, the High Court decided to extradite Kwon to the U.S., but the Court of Appeals overturned this decision in a surprising twist.
The latest ruling can still be appealed, leaving Kwon’s fate uncertain. Currently serving a four-month prison sentence in Montenegro for using a fake passport, Kwon and another individual were apprehended while trying to travel to Dubai with counterfeit Costa Rican passports.
The controversy surrounding Terraform Labs emerged after the crash of its stablecoin, TerraUSD, which resulted in a $40 billion loss in market value for investors. Supporters of TerraUSD and its sister currency, Luna, were left reeling as the stablecoin’s value plummeted below its $1 peg.
The extradition decision highlights the global impact of the cryptocurrency industry and the legal challenges facing key players in the market. As the case unfolds, the future of Kwon and Terraform Labs remains uncertain, with implications for the wider cryptocurrency community.
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