The Supreme Court of Montenegro has overturned previous decisions to extradite Do Kwon, co-founder of Terraform Labs, to South Korea. This decision is a boost for the US authorities, who wish to prosecute the former crypto magnate on fraud charges. Do Kwon has been caught in a legal vise in Montenegro for more than a year.
US prosecutors accuse him of misleading investors about his company, Terraform Labs, which collapsed in 2022, resulting in the loss of almost $40 billion in invested assets. Despite the complications associated with extradition, Do Kwon has expressed his agreement to be extradited, although the final destination is out of his hands.
His trial could be similar in scale to that of Sam Bankman Freed, especially if he decides not to plead guilty. Meanwhile, the former CFO of Terraform Labs has been arrested along with Do Kwon and has already been extradited to South Korea, where he faces charges. Other people linked to the company have also been arrested and charged in South Korea.
Attention now turns to the Montenegrin Supreme Court's forthcoming decision on where and when Do Kwon will be extradited, an announcement eagerly awaited this week.
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