You are here: Home/ News/ Do Kwon's Extradition Case Takes a Twist as Montenegro Supreme Court Intervenes
Do Kwon, the business owner behind Terraform Labs' failure, left a Montenegrin prison on March 23, 2024, according to Bloomberg. His flexibility isn't irreversible. Kwon deals with extradition needs from South Korea and the U.S., extending his legal difficulties concerning TerraUSD's collapse and algorithmic stablecoin TerraUSD (UST).
The intricate fight for his custody continues, with both countries competing for jurisdiction over the South Korean crypto magnate at the center of this monetary ordeal.
“We launched Do Kwon from jail as his routine jail term for taking a trip with phony documents ended, […] Because he is a foreign person and his files were kept, he was considered an interview to cops directorate for immigrants, and they will handle him even more, stated Darko Vukcevic, director of the Montenegrin jail, in a phone interview.
Goran Radic, the legal representative for Kwon, validated his customer's release. Montenegrin state tv divulged that Kwon's passport was kept, efficiently constraining his capability to leave the country.
Kwon's release comes in the middle of a turning point in his extradition case. On March 22, 2024, Montenegro's greatest judicial authority reversed previous judgments preferring Kwon's extradition to South Korea. This choice presents a considerable challenge in the efforts to return the Terraform Labs co-founder to his homeland.
South Korea typically enforces fairly lax charges for monetary misbehavior compared to the United States. American authorities supposedly intend to prosecute Kwon for his supposed participation in the $40 billion collapse of UST in May 2022– an occasion that set off extensive turmoil within the cryptocurrency landscape.
Do Kwon's Temporary Reprieve
The Supreme Court's intervention refers Montenegro's primary district attorney's current position. Mentioning procedural disparities, the district attorney objected to judgments preferring South Korea's extradition demand on March 21, 2024. The Supreme Court's action efficiently stops the procedure, requiring more factor to consider before a definitive decision. No timeline for resolution has actually been defined.
Do Kwon's release from prison marks a brand-new chapter in this continuous legend. His momentary flexibility from confinement is short lived; his future awaits precarious balance. The extradition tug-of-war in between South Korea and the United States raves on unabated. Montenegro's Supreme Court holds the secret, their choice identifying the theatre where Kwon deals with prospective prosecution for his supposed function in the TerraUSD catastrophe.
Associated Reading|SEC Punts Grayscale Ethereum ETF Decision to Late May Deadline
