Today: April 22, 2024
Today: April 22, 2024

Montenegro appeals court overturns a decision to extradite Terraform Labs founder to the US

Share This
LA Post: Montenegro appeals court overturns a decision to extradite Terraform Labs founder to the US
AP
PREDRAG MILIC
March 05, 2024

PODGORICA, Montenegro (AP) — An appeals court in Montenegro has overturned a recent ruling that a cryptocurrency mogul, Terraform Labs founder Do Kwon, should be extradited to the United States to face fraud charges rather than to his native South Korea, the court said Tuesday.

Kwon, 32, was arrested nearly a year ago in Montenegro on an international arrest warrant in connection with a $40 billion crash of Terraform Labs’ cryptocurrency, which devastated retail investors around the world. Both South Korea and the U.S. have requested Kwon’s extradition from Montenegro.

Last month, the High Court in Montenegro decided to hand over Kwon to the U.S. But the Court of Appeals annulled the decision and ordered the lower court to repeat the process. The Appeals Court in a statement cited procedural issues over who was the first to file a request, the U.S. or South Korea.

It wasn't immediately clear when the final decision could be made.

Kwon, known as “the cryptocurrency king,” is wanted by the U.S., where he was charged with fraud by federal prosecutors in New York. South Korean prosecutors have also sought his extradition.

Kwon and another South Korean were arrested at Montenegro’s Podgorica Airport on March 23, while trying to depart for Dubai, United Arab Emirates, using fake Costa Rican passports. Kwon and five others connected to Terraform were wanted because of allegations of fraud and financial crimes in relation to the implosion of its digital currencies in May 2022.

TerraUSD was designed as a “stablecoin,” a currency which is pegged to stable assets like the dollar to prevent drastic fluctuations in prices. However, around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg.

Kwon is serving a four-month prison sentence in Montenegro for using the fake passport.

Popular

Olympic champion Jepchirchir wins women's race at London Marathon

Olympic champion Peres Jepchirchir of Kenya pulled away late to win the London Marathon women’s race on Sunday and cement her status as the favorite to defend her gold in Paris

15 people suffer minor injuries in tram accident at Universal Studios theme park in Los Angeles

A tram accident at the Universal Studios Hollywood theme park in Los Angeles has injured 15 people

Ryan Garcia knocks Devin Haney down 3 times and hands his amateur rival his first pro loss

Ryan Garcia knocked Devin Haney down three times and handed the WBC super lightweight champion his first loss, winning the fight by majority decision but not the title because he was over the weight limit

Things to know about the NBA playoffs, which start Saturday

The Boston Celtics had almost no trouble at all with the 14 teams that didn’t make the playoffs this season, going 35-4 against those squads

Related

US commerce secretary downplays chip in advanced Huawei phone

Morning bid: Fragile FX, tech swoon cloud sentiment

Conservative Brazilians laud Elon Musk at rally in support of ex-president Bolsonaro

Tens of thousands of Colombians protest against the leftist president's reform agenda

- Advertisement -
Advertisement: Limited Time Offer