A Montenegrin court ruled Friday against a plan to extradite South Korean cryptocurrency mogul Do Kwon to his home country to be tried in an elaborate fraud case.
Montenegro's top court said Friday it has overturned a decision to hand over a South Korean mogul known as 'the cryptocurrency king' to his native country. The move marks yet another twist in a months-long legal saga in the case of Do Kwon, the Terraform Labs founder arrested in Montenegro last year. Both South Korea and the U.S. had requested Do Kwon’s extradition from Montenegro.
Montenegrin courts first had ruled in favor of the U.S. but the ruling was later overturned in favor of South Korea's request. The Supreme Court said Friday that a lower court should repeat the procedure again and that the final decision lies with Montenegro's justice minister. Kwon was charged in the U.S. with fraud by federal prosecutors in New York over a $40 billion crash of Terraform Labs’ cryptocurrency, which devastated retail investors around the world.
TerraUSD was designed as a 'stablecoin,' a currency which is pegged to stable assets like the dollar to prevent drastic fluctuations in prices. However, around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg.
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