The case of Do Kwon, the infamous co-founder of Terraform Labs and the Terra (LUNA) network, has achieved a remarkable victory in the extradition process.
Do Kwon, who was threatened with extradition to South Korea and the USA, has now been given a breathing space. The former CEO scored a small victory in his legal battle after the Montenegrin court decided to review his extradition case.
Victory for Do Kwon, but the worries have not gone away
Montenegro’s Supreme Court has reportedly reversed its decision to extradite Do Kwon to South Korea. This gives the South Korean entrepreneur the opportunity to fight his case again. This turn in the case is a relief for Do Kwon, who has been embroiled in a legal dispute for quite some time.
Do Kwon was the CEO of Terraform Labs. The crypto company was founded in 2018 and specializes in the development of the Terra blockchain. The man in question is accused by the US Securities and Exchange Commission (SEC) of fraud and money laundering. Yet he has maintained his innocence the entire time. His lawyers claim the allegations are unfounded and that he believes he is innocent.
The appeal is a small victory for Do Kwon. He previously won an appeal in November, but that decision was later overturned. The appeal court has now found that the original decision to extradite Do Kwon was influenced by serious breaches of the rules.
The CEO of Other Terra (LUNA) has already been extradited
Another Terraform Labs CEO, Han Chang Joon, was extradited to his home country of South Korea earlier this week. The chief financial officer (CFO) was arrested along with Do Kwon at the border with Montenegro for traveling with forged documents. Fake passports didn’t help the men in their escape adventure.
The financier ended up spending more than four months in prison in Montenegro before being extradited. Together with Do Kwon and the rest of the board, he is responsible for the crypto billion-dollar loss in 2022. In May of this year, the LUNA coin fell from $120 to zero. A total of $40 billion was lost.
Do Kwon was charged over the collapse of TerraUSD and Luna. He is still waiting in Montenegro to be extradited.
