Do Kwon Loses Extradition Appeal in Montenegro
Do Kwon faces extradition after Montenegro's court dismisses his appeal
Highlights:
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Montenegro court rejects Do Kwon's extradition appeal, favoring South Korea and U.S. requests.
•
Terra Luna collapse caused a $40 billion loss, triggering global investigations and legal battles.
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Political controversy arises as Montenegro's PM is linked to early Terra Luna investments.

Do Kwon has suffered a major legal defeat in Montenegro. The Constitutional Court rejected his appeal against extradition, closing off another legal option for the Terraform Labs co-founder.
Both South Korea and the United States have requested custody of Kwon.
Terra Luna Collapse Sparks Global Scrutiny
In May 2022, the Terra Luna ecosystem collapsed, wiping out $40 billion in market value. The event shattered trust in stablecoins and decentralized finance. Allegations of fraud and market manipulation followed, sparking investigations worldwide.
Kwon’s arrest in Montenegro in March 2023 marked a turning point. Authorities detained him for attempting to use a fake passport. Since then, courts have grappled with extradition requests from both South Korea and the United States.
The legal fallout has been costly for Kwon and Terraform Labs. A U.S. court found them guilty of fraud. Terraform Labs later settled with the SEC for $4.47 billion, with Kwon personally facing $110 million in penalties.
Political Controversy Adds New Dimensions
The case has also sparked political controversy in Montenegro. Reports revealed that Prime Minister Milojko Spajic invested $75,000 in Terra Luna back in 2018. Spajic had previously denied involvement with the crypto project.
Montenegro’s decision to reject Kwon’s appeal underscores the global stakes. The case has highlighted the complexities of extradition in financial crimes. It could also set a precedent for holding cryptocurrency leaders accountable across borders.
The rejection of his appeal leaves his future uncertain. As extradition requests proceed, the outcome could reshape global efforts to regulate cryptocurrency and address financial crimes.
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