Montenegro Court Puts Extradition Of Do Kwon On Hold
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The decision to send Kwon Do-hyung, also called Do Kwon, from Montenegro to South Korea has been delayed again. The Supreme Court in Montenegro decided this yesterday. The court will check if South Korea’s request to send him back is lawful before deciding for sure, probably by early next week.
Last week, according to a report, an appeals court agreed with an earlier decision to send Kwon back to South Korea. This decision turned down a request to send him to the US instead. The decision of the appeals court supported what the lower court had already decided.
US Prosecutors Have Charged Kwon With Fraud
In March, after the high court in Montenegro chose to send Kwon to his nation, the top court changed its mind and referred the case to the district court the following month. The court said no one appealed against the earlier decision, so the High Court of Podgorica’s decision to send Kwon quickly to South Korea is final and must be obeyed.
Kwon has been fighting a long legal battle about being sent back to his country. The charges against him in South Korea are not known to the public, but US prosecutors have accused him of fraud.
Kwon, who is famous for Terraform Labs, watched his project’s digital currencies, TerraUSD and Luna, fall apart in 2022, wiping out about $37 billion in value. Several months earlier, after its digital currencies crashed in 2022, Terraform Labs went bankrupt in Delaware. The collapse caused other crypto companies to fall too.
In February last year, the US Securities and Exchange Commission (SEC) accused Terraform and Kwon of tricking U.S. investors who acquired its digital assets, Luna and TerraUSD. Kwon is also targeted in South Korea for fraud and money crimes related to the Luna and TerraUSD crash.
Terraform Labs And Kwon Agreed To Pay The SEC $4.5 Billion In June.
In June, Terraform Labs and Kwon agreed to pay the SEC $4.5 billion, which includes $204.3 million from Kwon himself. The SEC had first asked for $5.3 billion. Terraform Labs, said it had debts and assets in the range of $100 million to $500 million.
Kwon and a friend were caught traveling last year while using fake papers. Even though a lower court in Montenegro had ordered him to be sent back, the Supreme Court stopped this decision. This was due to concerns raised by the top prosecutor in Montenegro about problems associated with the process. Kwon was later freed on bail.
