The post Montenegro Court Finalizes Do Kwon’s Extradition To South Korea To Face Criminal Charges appeared first on Coinpedia Fintech News

The Montenegro Appeals Court has made a final ruling against Terraform Labs founder Do Kwon, denying his appeal against extradition to South Korea. After March 23, Terra’s founder, Do Kwon, is set for extradition from Montenegro to South Korea to answer for criminal charges regarding the downfall of his cryptocurrency venture. Both the U.S. and South Korea have sought his extradition, with the decision on his destination now confirmed by Montenegrin officials.

Montenegro Denies Do Kwon’s Extradition Appeal

A Montenegro appeals court has dismissed Terraform Labs founder Do Kwon’s effort to overturn an extradition approval to South Korea, according to an official announcement on Wednesday. Previously, a higher court in the Balkan country had determined that Kwon is to be sent to South Korea to respond to charges related to the failure of his cryptocurrency company in May 2022, a decision he attempted to appeal without success.

Goran Rodic, representing Do Kwon, informed that the decision on the extradition is conclusive, blocking any further appeals from either Kwon or the United States. As of now, the schedule for his extradition remains unclear. The U.S. Department of Justice has yet to comment on the matter.

The notice said, “Deciding on the appeal of the defendant’s counsel, the panel of the Court of Appeals assessed that the first-instance court had correctly established that the request of the Republic of South Korea arrived earlier in the order of arrival compared to the request of the USA, so it correctly assessed this and other criteria.”

Do Kwon’s Destination After March 23

Kwon is currently detained in Montenegro, where he is serving a four-month sentence due to having falsified documents. Upon completing this sentence, it is anticipated that he will be extradited to South Korea, according to Kwon’s Montenegrin lawyer, Goran Rodic.

Rodic stated, “The decision is consistent with the case file evidence. Kwon’s sentence concludes on March 23, after which he will be extradited. That is all the information available at this time.”

Nonetheless, the U.S. intends to continue in challenging the decision of a Montenegrin Court to extradite Terraform Labs co-founder Do Kwon to South Korea. Since the downfall of Terra in mid-2022, international bodies like Interpol have closely monitored Kwon. The collapse of Terra led to the loss of billions in investor funds, prompting Kwon to escape to Montenegro.

Following the announcement regarding the Terra ecosystem, the LUNA token has experienced a continued decline in value, triggered by regulatory scrutiny and adverse news over the past week.

In the last seven days, LUNA’s value has decreased by 22%, falling below the $1 threshold again. This downward trend comes after a recent surge in its price, leading analysts to change their future targets for LUNA price.