Crypto News Do Kwon On Private Jet02.webp.webp

Montenegro court rejects Terra's Do Kwon claim: report



The Constitutional Court of Montenegro has rejected an appeal by crypto mogul Do Kwon, clearing the way for a decision to be taken out to the US or South Korea.

To Kwonwho founded Terraform Labshas lost his appeal in the Constitutional Court of Montenegro, which he had filed to reconsider its decision on his extradition, the Korea JoongAng Daily learned. The decision means that Kwon's case will now be decided by Montenegro's justice minister, who will decide whether Kwon will be sent to the United States or South Korea for trial.

Kwon wants in both countries. In the US, he faces charges related to the crash with his algorithmic stable TerraUSD (USTC) and Luna's mark (LUNA), in May 2022. In South Korea, he is also facing legal issues. Kwon was arrested in Montenegro in March 2023, when he tried to board a private flight to the UAE with false documents.

Do Kwon was very prominent in the crypto world, having created the Terra blockchain network with the promise of revolutionary algorithmic stablecoins. However, everything collapsed in May 2022, just months after the crypto market peaked at the end of 2021, resulting in a $60 billion loss for both retail and institutional investors.

As the crypto industry struggled with bankruptcy, Kwon fled from authorities. Companies like Capital of three arrows and FTX it went bankrupt due to a severe liquidity crisis, and Kwon fled to Europe.
After an Interpol red notice and global attention, Kwon he was caught in the capital of Montenegro, Podgorica.

Kwon's company, Terraform Labs, to agree to a record $4.47 billion settlement with the US Securities and Exchange Commission after a jury found it guilty of defrauding crypto investors.



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