A Montenegro appeals court has reversed an order to extradite Do Kwon, the cryptocurrency entrepreneur behind Terraform Labs, to South Korea. Kwon is wanted for his alleged role in the company’s collapse, which caused a $40 billion loss and impacted global crypto markets. Both South Korea and the U.S. have sought his extradition on fraud charges. The court’s decision sends the case back for retrial. Kwon fled South Korea and Singapore before being arrested in Montenegro last year. Terraform Labs’ collapse in 2022 involved Terrausd, a stablecoin, which failed dramatically, leading to significant financial losses and the company filing for U.S. bankruptcy.
Montenegro Court Blocks Do Kwon's Extradition to South Korea
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