Do Kwon, the mastermind behind the collapsed Terraform Labs, is one step closer to facing the music in South Korea. After a long legal battle, a Montenegrin court has decided to send him back to his home country, rejecting a US extradition request.
A Long Road to Justice
The whole thing started in September 2022 when Kwon went on the run after his company’s Luna and TerraUSD cryptocurrencies crashed, wiping out billions of dollars in investor money. Both South Korea and the US wanted him in custody, accusing him of fraud.
After getting arrested in Montenegro in March 2023, Kwon’s legal journey took a wild turn. He even got sentenced to four months in prison for trying to escape with fake passports.
South Korea Takes the Lead
The Montenegrin court ruled in favor of South Korea because their extradition request came first, and they have a treaty with South Korea.
Kwon’s lawyer said the decision is “fully in accordance with the law and international treaties.”
More Trouble Brewing
This isn’t the end of Kwon’s legal woes. He’s already been found liable for civil fraud in a US court and his company agreed to pay a massive $4.5 billion settlement.
Even though the US wants to prosecute him criminally, the Montenegrin court’s decision is a blow to their plans.
Meanwhile, the price of Luna Classic (LUNC), the token associated with Terraform Labs, has been taking a hit. It’s down by more than 9% in the last 24 hours.
