Disgraced Terra (LUNA) founder Do Kwon will reportedly be extradited to the US after losing an appeal in a Montenegrin high court.
According to a new report from France 24, the appeal of Kwon – the person suspected of being behind the multi-billion dollar demise of the Terra ecosystem in 2022 – was rejected by the Montenegrin Constitutional Court, which ruled earlier this year that the conditions for his extradition have been met.
However, Justice Minister Bojan Bozovic had yet to decide whether to extradite Kwon to the US or to South Korea, as charges against him are pending against both countries.
As the Montenegrin Ministry of Justice says according to the report:
“It was concluded that the majority of the criteria prescribed by law favor the extradition request of the competent authorities of the United States of America.
Accordingly, the Minister of Justice issued a decision approving Kwon Do Hyung’s extradition to the United States, while simultaneously denying the Republic of Korea’s extradition request.”
Kwon, a South Korean resident, was originally arrested in Montenegro in March 2023 after he was caught trying to board a flight to Dubai with a fake Costa Rican passport.
Kwon is accused of masterminding a Ponzi scheme involving the stablecoin TerraUSD that wiped out more than $40 billion in investor money.
The dollar-pegged crypto asset – which at the time followed an automated, algorithmic system to keep its price stable – eventually collapsed after the stabilization mechanism failed.
Montenegrin’s Supreme Court originally ruled that Kwon will be extradited to the US in February.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further XFacebook and Telegram
Surf to the Daily Hodl mix
Featured image: Midjourney