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Disgraced Terra (LUNA) founder Do Kwon is reportedly going to be extradited to the US after shedding an enchantment in a Montenegrin excessive court docket.
In keeping with a brand new report by France 24, Kwon – the individual suspected of being behind the multibillion-dollar downfall of the Terra ecosystem in 2022 – had his enchantment thrown out by the Montenegrin Constitutional Court docket, which earlier within the 12 months dominated that the situations for his extradition have been met.
Nonetheless, Justice Minister Bojan Bozovic nonetheless needed to determine whether or not to extradite Kwon to the US or South Korea, each of which have pending fees towards him.
As acknowledged by the Montenegrin Ministry of Justice, in response to the report,
“It was concluded that almost all of the factors prescribed by regulation favor the extradition request from the competent authorities of the USA of America.
Consequently, the Minister of Justice issued a call approving the extradition of Kwon Do Hyung to the USA, whereas concurrently rejecting the extradition request from the Republic of Korea,”
Kwon, a South Korean native, was initially arrested in Montenegro in March 2023 after he was caught making an attempt to board a flight to Dubai with a faux Costa Rican passport.
Kwon is accused of masterminding a Ponzi scheme involving the stablecoin TerraUSD that led to over $40 billion price of investor’s cash being worn out.
The dollar-pegged crypto asset – which on the time was following an automatic, algorithmic system to maintain its value regular – finally collapsed after its stabilization mechanism backfired.
The Montenegrin Supreme Court docket initially ruled that Kwon is to be extradited to the US in February.
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