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Do Kwon

Do Kwon’s Detention Prolonged Until 2024 As Montenegro Responds To Extradition Requests

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to an International Business Times report, Montenegro’s Supreme Court decided to extend the detention of TerraForm Labs founder and CEO Do Kwon until February 2024, following extradition requests from the United States and South Korea.

Closed-Door Discussions Reveal Montenegro’s Plan For Do Kwon

Initially set to be extradited to the US on December 15, Do Kwon’s fate turned when the Montenegrin High Court ruled to prolong his stay until February 15, 2024.

The decision stems from charges related to the collapse of the TerraUSD stablecoin, which led to significant financial losses.

The High Court had previously ordered Kwon’s extradition by Friday, but his defense team appealed the decision in the appellate court in Podgorica, the capital of Montenegro.

The Montenegrin Court of Appeal confirmed that Kwon contested the High Court’s ruling, vehemently stating, “I do not submit to the court’s decision.”

Related Reading: FTX Founder’s Defense Attorney Drops Bombshell: Sam Bankman-Fried Trial Almost Impossible To Win

Recent reports indicate that Montenegro’s Justice Minister, Andrej Milovic, had already privately determined the destination for Kwon’s extradition, with the United States being the likely choice. 

According to the International Business Times report, this detail emerged during closed-door discussions, including a meeting with US Ambassador to Montenegro, Judy Rising Reinke.

Terra Founder’s Multinational Legal Battles

Do Kwon faces legal battles in multiple countries, including the United States, and Singapore. The US Securities and Exchange Commission (SEC) and other government agencies have charged him with various criminal counts, ranging from wire fraud and commodities fraud to securities fraud and conspiracy to defraud and engage in market manipulation. 

Prosecutors in the US have further accused him of orchestrating a massive cryptocurrency fraud, resulting in losses exceeding $40 billion in investments.

Kwon has consistently denied all allegations of fraud and has even refuted claims of being a fugitive. Last year, Do Kwon was arrested on March 24 at Montenegrin International Airport for illegally possessing forged travel documents.

The crypto mogul co-founded Terra, a blockchain protocol and payment platform known for algorithmic stablecoins, in 2018. However, the de-pegging of TerraUSD (UST) from the US dollar in May 2021 caused a market downturn, affecting the ecosystem’s native cryptocurrency, LUNC.

Related Reading: Bitcoin Spot ETF: BlackRock And Three Others Meet With SEC For Talks On Approval

The fate of Do Kwon hangs in uncertainty as the legal proceedings continue. It remains to be seen how the prosecutors from the United States and South Korea will respond to the latest decision by the Montenegro High Court, and what the next steps will be for Do Kwon’s legal team.

Do Kwon
The daily chart shows LUNC’s price decline. Source: LUNCUSDT on TradingView.com

Today, the price of LUNC stands at $0.00017303, accompanied by a 24-hour trading volume of $144,797,727.05, according to data provided by CoinGecko.

Despite experiencing a modest 0.81% price increase in the last 24 hours, Terra has witnessed a significant decrease of -17.17% in the past 7 days.

With a notable amount of 5.8 trillion LUNA in circulation, Terra’s market capitalization currently stands at $1,012,393,251.

Featured image from Bloomberg, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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