Montenegro’s Minister of Justice has officially signed a decision to extradite Terraform Labs co-founder Do Kwon to the United States. The decision was confirmed by a local news outlet Vijesti, which denied a competing extradition request from the Republic of Korea, where Kwon faces allegations of defrauding investors and concealing substantial wealth as per Wu Blockchain.
U.S. Wins Extradition Battle
This decision comes after a lengthy legal battle between the U.S. and South Korea, both of which had requested Kwon’s extradition. The U.S. had charged Kwon with multiple counts of fraud related to the collapse of the Terra ecosystem, which resulted in billions of dollars in losses for investors worldwide.
South Korea’s Allegations Rejected
South Korea’s authorities had also sought Kwon’s extradition accusing him of lying to investors and hiding substantial assets linked to the Terra collapse. Despite their efforts, Montenegra’s rejection of their request indicates the complexity of international legal disputes in
What’s Next for Do Kwon?
Kwon will now face trial in the U.S., where he may receive a significant prison sentence if convicted. Legal experts suggest that the this extradition decision sends a strong message to those committing financial crimes in the crypto space, indicating that global authorities are cracking down on such activities.
This decision is expected to set a standard for how international cases of crypto fraud are handled, reinforcing investor protection and legal accountability in the rapidly evolving cryptocurrency space.
Also Read: Bitget Announces Token Burn; Token Price Surges by Over 20%
Credit: Source link
