Do Kwon set for extradition to South Korea after Montenegro courtroom rejects attraction

• The Montenegro Appellate Court docket rejected Do Kwon’s attraction on impending extradition to South Korea.
• Kwon was arrested final yr following the collapse of Terra Luna and its stablecoin UST in 2022.

Do Kwon, needed for prosecution over his position within the implosion that sank Terra, will now be extradited to South Korea.

Montenegro courtroom rejects Kwon’s attraction

Right this moment, the Appellate Court docket of Montenegro declined Kwon’s attraction that sought orders quashing his extradition to South Korea. The appeals courtroom famous, based on an announcement on March 20, that its determination was closing.

He is not going to go to america or keep in Montenegro, the place he was arrested in 2023.

Fairly, Kwon will now be deported to South Korea the place he faces prison prices in connection to the collapse of Terra LUNA and the algorithmic stablecoin Terra USD (UST).

 The $40 billion implosion resulted in an enormous contagion throughout crypto, with crypto hedge fund Three Arrows Capital. 3AC was a giant casualty that meant much more losses for traders throughout the crypto ecosystem.

Kwon has been in custody in Montenegro since his arrest in Could final yr. The Montenegro Excessive Court docket authorized his extradition in November, with a call to deport him to the US reversed final month.

Each the US and South Korea have been desperate to have Do Kwon, and Seoul lately looking for the assistance of Interpol.

Crypto bosses in hassle

With this newest improvement, the needed former Terraform Labs CEO shall be heading to South Korea. He’s amongst a number of former crypto bosses to face prosecution over the previous two years.  

Sam Bankman-Fried, the previous CEO of FTX, was discovered responsible by a jury in early November. He shall be sentenced on March 28, with US prosecutors asking for a 40-50 years jail time period.

Former Binance CEO Changpeng Zhao pleaded responsible to prices of anti-money laundering violations final yr and can be awaiting sentencing within the US.