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Read more: Do Kwon Extradition Is Handed Over To Justice Minister With US Capabilities Emerging
The ruling sustained an earlier decision made by the Higher Court in Podgorica that opted for South Korea over the United States as the destination.
Do Kwon faces allegations of orchestrating a $40 billion cryptocurrency fraud scheme associated with the drop of both TerraUSD and Luna in May of 2022. The Do Kwon extradition represents one of the strongest legal pressures levied by the South Korean and US governments against suspected capital market and security fraudsters.
It was not until March 2023 that the law finally caught up with Kwon when he was arrested at the Podgorica airport while trying to travel with fake documents, for which he received a four-month jail sentence. It is while serving this jail term that a number of Do Kwon extradition requests were sent in by South Korea and the U.S. His business partner, Chang Joon, who is also behind bars, was extradited to South Korea in February this year.
In the first case, Montenegro's legal system was in favour of the U.S. plea but changed its decision in favour of South Korea because South Korea showed more significant charges and had called a request before the U.S. decision was then followed by the Court of Appeal and thus was lawfully changed as the Supreme Court followed the decision and hence motion had no more appeals.
Other legal battles facing Kwon include the largest civil fraud verdict brought against him in April 2024, after a New York jury declared Kwon and Terraform Labs liable and approved a $4.5 billion settlement with the SEC. Still, U.S. authorities press their criminal case against him.
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