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Crypto, Crypto News, Do Kwon, LUNA, LUNC, LUNCUSDT, South Korea, Terra

The Do Kwon, founder of failed crypto ecosystem Terra, saga is just getting started as a court in Montenegro recently approved his extradition. The founder could face justice in his home country and the courts of the United States. 

Multi-Country Legal Battle: Montenegro To Surrender Do Kwon? The High Court in Podgorica, Montenegro, has confirmed that the extradition of the accused, identified as K.D.H. (Do Kwon), meets the legal requirements for extradition to both South Korea and the United States.

This decision, stemming from multiple international requests, marks a critical juncture in a complex legal scenario involving allegations of serious financial crimes. Last year, the Terra (LUNA) ecosystem collapsed, dissipating billions of dollars in value.

The extradition requests originated from South Korea and the U.S., with each country citing various charges of financial misconduct. The South Korean Ministry of Justice’s request, dated March 29, 2023, and supplemented on September 6, 2023, accuses K.D.H. of fraudulent and unfair trading offenses under the Law on Financial Investment Services and the Capital Market.

These allegations include severe economic crimes under the Korean legal framework. Authorities in the Asian country have been on Kwon’s track following the events around Terra and issued a “Red Notice” with the International Criminal Police Organization (Interpol).

Similarly, the U.S. request, submitted by the Ministry of Foreign Affairs on April 3, 2023, relates to criminal proceedings for multiple offenses, including conspiracy to commit fraud, securities fraud, and wire fraud, as outlined in the indictment by the District Court of the Southern District of New York.

Final Decision by Montenegro’s Justice Minister Pending The High Court’s decision acknowledges K.D.H.’s consent to expedited extradition to South Korea. However, given the multiple extradition appeals, the final decision rests with Montenegro’s Justice Minister, who will determine the priority of the extradition based on the provisions of the Law on International Legal Assistance in Criminal Matters, according to the official update by the court.

This extradition is further complicated by an ongoing criminal case in Montenegro against Kwon for document falsification, for which he has been sentenced to four months imprisonment. The extradition will proceed only after serving this sentence, pending the Justice Minister’s final decision.

This case underscores the intricate nature of international legal cooperation in criminal matters and highlights Montenegro’s role in addressing complex cross-border financial crimes. As the legal proceedings unfold, the decision by Montenegro’s Justice Minister is eagerly awaited within and outside the crypto ecosystem.

As of this writing, LUNC (formerly known as LUNA, the native token of the Terra ecosystem) trades at $0.00007 with some gains on small timeframes.

LUNC’s price trends to the upside on the daily chart. Source: LUNCUSDT on Tradingview Cover image by Unsplash, chart from Tradingview

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