Do Kwon's fate has been decided, Terra LUNA boss extradited to US

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The High Court of Podgorica, Montenegro, issued a controversial ruling that shocked the crypto world. They decided to extradite Do Kwon, the former CEO of Terraform Labs, the developer of Terra (LUNA) crypto assets, to the United States (US). In fact, South Korea (South Korea) also wants Do Kwon's extradition to his country.

This ruling was taken after the High Court received instructions from the Court of Appeal to determine which countries were eligible for Do Kwon. Previously, Do Kwon's defense team tried hard to have his client extradited to South Korea, citing various legal bases and international treaties.

However, according to a report in the Pobjeda newspaper, Montenegro's Minister of Justice, Andrej Milović, considered that Do Kwon's extradition to the US was more favorable for Montenegro's political and legal interests. He highlighted the close relationship between Montenegro and the U.S. as strategic partners in foreign policy and legal cooperation.

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Do Kwon's arrest

Do Kwon was arrested along with his colleague, Han Chang-joon, at Podgorica airport last year, when they tried to escape using fake Costa Rican passports. Police also found allegedly fake Belgian travel documents during a search of their residence. Both suspects denied knowledge of the passport forgery and blamed the travel agency in Singapore they used. Han was extradited to South Korea some time ago.

In the U.S., Do Kwon faces severe charges including charges of wire fraud, commodity fraud, securities fraud, and conspiracy to commit fraud and market manipulation. These charges were also filed by South Korean authorities, who accused Do Kwon of illegal practices in the development and marketing of the Terra crypto platform.

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Terra LUNA Project

Terra is a crypto project that offers a stablecoin-based payment system, which is a cryptocurrency whose value is linked to a specific fiat currency. Terra has several types of stablecoins, such as TerraUSD (UST) which is pegged to the US dollar, TerraKRW (KRT) which is pegged to the South Korean won, and so on. Terra also has a native token named Luna, which serves as a reserve asset and governance token.

Terra is one of the largest crypto projects in the world, with a market value of more than 10 billion US dollars (IDR 156 trillion) in January 2024. However, the project has also attracted controversy, as it is considered to have the potential to violate various crypto regulations in various countries, including the US and South Korea. Some observers have even called Terra a giant, unsustainable Ponzi scheme.

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