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The Appellate Court of Montenegroruled on Thursdaythat Terraform Labs co - laminitis Do Kwon should be return to his home country , South Korea . The ruling confirmed an early decision in April from the High Court of Podgorica which disdain a postulation to extradite the crypto runaway to the United States . The extradition date for Kwon to South Korea has not yet been set .
“ There was no appeal against the aforementioned decision , so the conclusion of the High Court in Podgorica , in the part in which extradition is allowed in a abbreviated procedure at the petition of the Republic of Korea , is legally binding , ” readthe court ’s statementThursday .
Terraform Labs , which was set up in 2018 , wiped out at least $ 40 billion in securities industry value and collapsed the crypto industry in May 2022 . Earlier this twelvemonth , following the collapse of its own cryptocurrencies in 2022,Terraform Labs filed for Chapter 11 bankruptcy in Delaware .
Both the U.S. and South Korea have sought Kwon ’s extraditionfrom Montenegro to present charges in the wake ofhis arrest at an airport in the countrywhile carrying falsified traveling documents .
The U.S. Securities and Exchange Commission ( SEC ) suedKwon and Terraform , allege they defraudedU.S. investors who buy its digital assets , TerraUSD and Luna , in February 2023 . At the same time , Kwon is desire in South Korea on allegations of fraud and financial crimes relate to the implosion of Terra USD and Luna in May 2022 .
In astatement in Marchthe U.S. Department of Justice said it continues to look for Kwon ’s extradition “ in accordance with relevant external and bilateral agreements and Montenegrin law . ”
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In the event , the crypto fugitive looks sic to be returned to face justice in South Korea .
Kwon was arrested in Montenegroin March 2023 after attempting to journey to Dubai on a counterfeit passport . The founder of Terraform Labswas sentenced to four calendar month in jailbut stay in custody until being released on bail in March 2024 .
To fall a civil securities hoax lawsuit , Kwon ’s now bankrupt companyagreed to pay the U.S. SEC a penalisation of just under $ 4.5 billion . The deal included a donation from Kwon of $ 204 million . Terraform Labs also fit in to wind down its surgery . Just last month , it herald a strategical sale processas part of the on-going Chapter 11 face .
