As a seasoned crypto investor who lost a significant portion of my savings in the TerraUSD (USTC) and Luna (LUNA) crash, I must say that Do Kwon’s legal troubles are long overdue. His actions have left a trail of destruction in their wake, causing billions of dollars in losses for innocent investors like myself.
The Constitutional Court of Montenegro has dismissed an appeal from cryptocurrency tycoon Do Kwon, clearing the path for a final ruling regarding his extradition, which could be to either the United States or South Korea.
According to the Korea JoongAng Daily, Do Kwon, founder of Terraform Labs, has had his appeal rejected by Montenegro’s Constitutional Court. This decision means that Kwon’s fate – whether he will be extradited to the United States or South Korea for trial – now lies with Montenegro’s justice minister.
In two different jurisdictions, there’s an ongoing search for Kwon. In America, he’s dealing with accusations connected to the collapse of his digital currency projects TerraUSD (USTC) and Luna (LUNA), which happened in May 2022. He also has legal matters in South Korea. Kwon was apprehended in Montenegro in March 2023, as he attempted to board a private jet bound for the UAE using counterfeit identification papers.
Kwon was a well-known figure in the cryptocurrency sphere, being the mastermind behind the Terra blockchain network, which touted groundbreaking algorithmic stablecoins. Unfortunately, this entire system crumbled in May 2022, mere months after the crypto market reached its zenith at the end of 2021. This unfortunate event led to a staggering $60 billion in losses for both individual and institutional investors alike.
Amidst the crypto industry’s turmoil marked by bankruptcies, Kwon eluded authorities. Notable firms like Three Arrows Capital and FTX faced insolvency due to a severe liquidity crisis, while Kwon made his way to Europe.
In an unprecedented move, Kwon’s firm, Terraform Labs, consented to a monumental $4.47 billion fine following a court verdict that found them accountable for deceiving cryptocurrency investors, as decided by a jury.
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2024-12-25 14:01