• Terra Luna founder Do Kwon to be extradited to the US by Montenegro authorities
• Extradition decision made after over a year of legal disputes between US, South Korea, and Montenegro
• Kwon’s criminal activities, location of offense, citizenship, and order of extradition requests factored into the decision
The founder of Terra Luna, Do Kwon, is set to be extradited to the United States after a protracted legal battle. This marks a significant development in the world of cryptocurrency, as Montenegro authorities declare their decision to send the South Korean developer to the U.S amidst persistent court disputes and rulings.
The Legal Journey of Do Kwon
In a dramatic resolution to an enduring legal saga, Do Kwon, the founder of Terra Luna, is on track to being extradited to the United States. The Supreme Court of Montenegro has confirmed that both South Korea and the United States have satisfied the legal conditions for extradition. This course of action comes in the wake of Kwon’s arrest in Montenegro in March of the previous year.
The Cryptocurrency Industry’s Evolution
Over the past two years, the cryptocurrency industry has experienced a radical transformation. Gone are the days dominated by unscrupulous players and investors losing colossal amounts of money. The current year has seen the asset class revel in unprecedented growth, with Bitcoin’s value ascending to six figures for the first time.
The Pending Fate of Do Kwon
Despite these advancements, the market is still dealing with the remnants of past criminal activities. One such detrimental development is nearing its conclusion with the impending extradition of Terra Luna founder, Do Kwon, to the U.S. This decision follows a series of uncertainties surrounding the fate of the South Korean entrepreneur.
The Decision of Montenegro
Montenegro has officially declined South Korea’s extradition request, choosing to favor the United States. The Ministry of Justice explained that factors such as the location of the offense, Kwon’s citizenship, and the sequence of extradition requests significantly influenced the decision.
The Impact of TerraUSD and Luna’s Fall
The demise of TerraUSD and Luna in May 2022 erased $40 billion from the market. This catastrophic event led to the collapse of several platforms and companies, followed by a series of bankruptcies. In the aftermath, Do Kwon was identified as the primary instigator of the collapse, having deceived investors and concealed substantial wealth.
Conclusion
The impending extradition of Do Kwon marks a significant milestone in the world of cryptocurrency. As authorities continue to grapple with past irregularities, this development underscores a commitment to accountability and justice within the industry.
