Disgraced Terra (LUNA) founder Do Kwon is reportedly set to be extradited to the United States after losing his appeal in a Montenegrin high court.
According to a new report from France 24, Kwon – the person suspected of being behind the multi-billion dollar collapse of the Terra ecosystem in 2022 – had his appeal rejected by the Montenegrin Constitutional Court, which ruled earlier in the year that the conditions for his extradition were obtained.
However, Justice Minister Bojan Bozovic still had to decide whether to extradite Kwon to the United States or South Korea, two countries that have pending charges against him.
As the Montenegrin Ministry of Justice stated, according to the report,
“It has been concluded that the majority of the criteria prescribed by law favor the request for extradition from the competent authorities of the United States of America.
As a result, the Minister of Justice issued a decision approving Kwon Do Hyung’s extradition to the United States, while simultaneously rejecting the Republic of Korea’s extradition request. »
Kwon, originally from South Korea, was initially arrested in Montenegro in March 2023 after he was caught trying to board a flight to Dubai with a fake Costa Rican passport.
Kwon is accused of orchestrating a Ponzi scheme involving the TerraUSD stablecoin that led to the wiping out of more than $40 billion of investors’ money.
The dollar-pegged crypto asset – which at the time followed an automated algorithmic system to keep its price stable – ultimately collapsed after its stabilization mechanism backfired.
Montenegro’s Supreme Court initially ruled that Kwon should be extradited to the United States in February.
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