Table of Contents
Crypto Tycoon Faces Decision Between U.S. and South Korea in $40 Billion Fraud Case
- Montenegro court approves Do Kwon’s extradition, setting the stage for a pivotal decision.
- Kwon’s appeal adds suspense, with the Montenegrin Ministry of Justice expected to decide by December 15.
- Controversies surround Kwon’s preference for South Korea, as legal proceedings and challenges intensify in the global crypto fraud case.
In a high-stakes legal battle, the extradition case of Do Kwon has drawn international attention. Kwon, co-founder of Terraform Labs, finds himself at the center of a complex tug-of-war between the United States and South Korea, each seeking his extradition to face charges related to the staggering $40 billion crash of TerraUSD and Luna cryptocurrencies in May 2022.
Kwon’s legal troubles began with his arrest in Montenegro in March. Recent reports have shown he faces charges of fraud and securities-law violations in both the U.S. and South Korea. The alleged orchestration of a multibillion-dollar crypto asset securities fraud has further intensified the gravity of the case. The crash of TerraUSD and Luna cryptocurrencies adds significant weight to the charges, amplifying the global impact of Kwon’s actions.
Adding a crucial chapter to this legal saga, the Montenegro court recently greenlit Kwon’s extradition. However, the final call lies with Justice Minister Andrej Milovic. As the world watches, the decision on whether Kwon will be sent to the U.S. or South Korea is now pending, awaiting the outcome of a last-ditch appeal by Kwon.
Also Read: South Korea Urges Public to Help Amid Ongoing Crackdown on Unlicensed Crypto Exchanges
Kwon’s Last Attempt to Appeal
Kwon’s legal team has formally appealed the Montenegro court’s extradition decision. According to a report dated December 6, this appeal sets the stage for the Montenegrin Ministry of Justice to make a definitive ruling by December 15. The fate of Kwon’s extradition now hangs in the balance, subject to the considerations of this impending decision.
In a noteworthy revelation from the High Court of Podgorica on November 24, Kwon expressed a distinct preference for extradition to South Korea over the United States. The court’s statement indicated that Kwon willingly consents to being extradited to South Korea. While the reasons behind this preference remain undisclosed, Kwon’s stance adds a layer of complexity to the decision-making process.
Legal Proceedings and Challenges
The legal entanglements for Do Kwon date back to February when the U.S. Securities and Exchange Commission filed a lawsuit against Terraform Labs and Kwon. Accused of orchestrating a multibillion-dollar crypto asset securities fraud, Kwon’s legal woes escalated. The timeline from Kwon’s arrest on March 23 at Podgorica airport to the current extradition considerations unfolds against the backdrop of these significant legal events.
Amidst the legal proceedings, Kwon’s defense faced a notable challenge. On September 28, they contested the U.S. extradition request, citing the impossibility of deportation before a specified date due to Kwon’s ongoing detention in Montenegro. Additionally, the case has been marred by controversies, including the nature of the charges and the ongoing diplomatic struggle between the U.S. and South Korea for Kwon’s extradition. The international dimensions of the case further underscore its complexity.
Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass
Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.
