It has been reported that Disgraced Terra (LUNA) founder Do Kwon lost his appeal in the Montenegro High Court and is scheduled to be extradited to the United States.
According to a new report from France 24, Kwon, suspected of being behind the collapse of the multibillion-dollar Terra ecosystem in 2022, has had his appeal rejected by Montenegro’s Constitutional Court. His guidance was fulfilled.
However, Attorney General Bojan Bozovic still must decide whether to extradite Kwon to the United States or South Korea. Charges against him are pending in both countries.
According to the report, Montenegro’s Ministry of Justice stated:
“We conclude that most of the standards set forth in the law support the extradition request by U.S. authorities.
Accordingly, the Minister of Justice made a decision to approve Kwon Do-hyung’s extradition to the United States and simultaneously dismiss South Korea’s extradition request.”
Kwon, who is from South Korea, was originally arrested in Montenegro in March 2023 after being caught trying to board a flight to Dubai with a fake Costa Rican passport.
Kwon is accused of leading a Ponzi scheme involving the stablecoin TerraUSD that resulted in the loss of more than $40 billion in investor funds.
The dollar-pegged crypto asset, which at the time was following an automated algorithmic system to keep its price stable, eventually collapsed after the stabilization mechanism backfired.
Montenegro’s Supreme Court initially ruled that Mr. Kwon would be extradited to the United States in February.
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Featured image: Midjourney