Concerning the fate of a cryptocurrency entrepreneur Do Kwon, a Montenegrin court has ruled in favor of his extradition to his native South Korea. The decision marks the latest twist in the legal saga that unfolded following Kwon's arrest in the Balkan nation last year.
Appeals Court Reverses Decision: Extradition to US Overturned
The High Court's ruling came swiftly after an appeals court overturned its previous decision to extradite Kwon to the United States where he faces charges related to a $40 billion crash of Terraform Labs' cryptocurrency. Kwon, aged 32, was apprehended on an international arrest warrant, following allegations of fraud and financial misconduct that devastated retail investors globally.
The legal battle over Kwon's extradition has been tumultuous, with both South Korea and the United States vying for custody. Last month, the High Court initially decided to hand over Kwon to the US, but the Court of Appeals nullified the decision, citing procedural discrepancies over the timing of extradition requests.
UPDATE: Do Kwon could be extradited from Montenegro to South Korea after March 23, his lawyer said. https://t.co/wSn2X7eypD
— CoinDesk (@CoinDesk) March 7, 2024
The SEC Seeks Summary Judgment
Earlier, the US Securities and Exchange Commission (SEC) filed for summary judgment against Kwon and Terraform Labs, aiming to avoid a full trial, as reported by Finance Magnates. The SEC argues that there's no dispute that purchasers invested money, alleging that Kwon and Terraform sold securities. The case hinges on whether the assets sold meet the criteria of an investment contract under the Howey test.
The SEC contends that pooling money with the expectation of profits from promoters satisfies the Howey test. They allege Terraform and Kwon engaged in fraudulent conduct, making misleading statements about the stability of UST and arranging third-party interventions. Kwon's defense team argues that the SEC hasn't proven they were offering securities.
This article was written by Tareq Sikder at www.financemagnates.com.
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