Montenegro’s Supreme State Prosecutor Challenges Extradition Decision of Terraform Labs Co-founder
Crypto News – Montenegro‘s Supreme State Prosecutor’s Office is contesting the High Court’s decision to extradite Do Kwon, co-founder of Terraform Labs, to his native South Korea rather than the United States, according to a translated statement released on Thursday.
The prosecutor’s office alleges that the court overstepped its authority by conducting an expedited legal procedure in determining Kwon’s extradition, a matter it asserts falls under the jurisdiction of the Ministry of Justice. Referring to the former Terraform leader by his initials, K.D.H., which correspond to his full name, Kwon Do-hyeong, the statement highlights procedural concerns.
On Wednesday, Montenegro’s Appellate Court upheld the High Court’s ruling to extradite Kwon to South Korea, dismissing Kwon‘s latest appeal.
Kwon and his legal team have purportedly expressed a preference for his home country over the United States, citing South Korea’s typical maximum sentences of 30 to 40 years for financial crimes. In contrast, the U.S. legal system allows for consecutive sentences for each conviction.
The Crash
Terraform Labs‘ algorithmic stablecoin Terra and its counterpart cryptocurrency Luna experienced a significant crash in May 2022, resulting in the loss of over $40 billion in market capitalization within days. Since then, both U.S. and South Korean authorities have pursued legal action against Kwon and Terraform Labs for alleged fraud and violations of securities laws.
Kwon, who has been a fugitive with an Interpol Red Notice issued for his arrest, was apprehended in Montenegro last March after attempting to travel using falsified documents.
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