WEB3
by BSC News
August 2, 2024
Both the U.S. and South Korea sought his extradition, but the court sided with South Korea.
On August 1, the Montenegro Appellate Court upheld its decision to extradite Kwon to South Korea. This ruling concludes a prolonged legal battle marked by multiple appeals and judicial reversals.
The Appellate Court confirmed the June 28 decision by the Higher Court in Podgorica, which approved South Korea's extradition request while rejecting a concurrent request from the United States.
The ruling emphasized that no appeal was lodged against the Higher Court's decision, making it legally binding.
Do Kwon was arrested in Montenegro in March 2023. He was caught using a counterfeit passport while attempting to board a flight to Dubai with falsified Costa Rican travel documents.
The arrest was a pivotal moment, triggering a legal tug-of-war between South Korea and the United States, both of which are seeking to prosecute Kwon for his role in the collapse of Terraform Labs' algorithmic stablecoin, Terra (UST), and its associated cryptocurrency, LUNA.
The U.S. Securities and Exchange Commission (SEC) charged Terraform Labs and Kwon in February 2023. The charges stem from the collapse of Terra, which resulted in $40 billion in losses.
Terraform Labs and Kwon reached a $4.47 billion settlement with the SEC in May. The settlement included $3.58 billion in disgorgement and a $420 million civil penalty. Additionally, the settlement terms prohibit Kwon from serving as an officer or director of any public company.
Kwon's extradition to South Korea marks a critical point in the legal proceedings against him. South Korean authorities have been relentless in their pursuit of justice, aiming to hold Kwon accountable for the massive financial losses suffered by investors.
Terraform Labs, founded in 2018, played a significant role in the cryptocurrency market. Its collapse in May 2022 wiped out at least $40 billion in market value, sending shockwaves through the crypto industry.
The fallout led to Terraform Labs filing for Chapter 11 bankruptcy in Delaware earlier this year. The collapse of Terra and LUNA exposed vulnerabilities in the algorithmic stablecoin model and underscored the risks associated with speculative investments in the crypto space.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Related News
Latest News
-1h : -4m ago
What Is the Telegram-Based Catizen Game?
September 7, 2024
Weekly Article Recap: 9/02-9/06
September 6, 2024
Aptos Welcomes Brevan Howard, BlackRock, and Hamilton Tokenized Funds by Libre
September 6, 2024
Magic Eden Launches New US Domain, Separates Services for US and International Users
September 6, 2024
Pavel Durov Criticizes French Authorities Over Telegram Charges, Hints at Market Withdrawals
September 6, 2024
Changpeng Zhao Permanently Barred from Binance Management But Retains Power: Binance CEO
September 5, 2024
What is SNAXchain by Synthetix?
September 5, 2024
Angel Drainer Resurfaces: New Phishing Toolkit AngelX Deploys 300+ Malicious dApps
More News