Just In: LUNA’s Founder Do Kwon To Be Extradited To The US
Highlights
- Do Kwon's extradition to the US has been finalized
- This extradition comes after years of hurdle with South Korea over same extradition rights
- The Terraform Labs ecosystem is rebuilding with backing from Binance
After series of back and forths, Terraform Labs co-founder Do Kwon will finally be extradited to the United States. According to a report from local media platform Vijesti, the Montenegrin Justice Minister Bojan Bozovic signed the extradition orders, potentially ending the uncertainty that has trailed the case since 2022. In the United States, he will face fraud charges for his role in the collase of LUNA and UST tokens.
The Do Kwon Extradition: No More Confusion
The decision to sign off on the extradition orders of Do Kwon came after the Constitutional Court of Montenegro rejected the embattled enterpreneur’s appeal in that regard.. Notably, different countries were after him for the collapse of the tokens which saw over $40 billion wiped off from the crypto industry.
According to announcement from the ministry, it took into account the Supreme Court’s ruling and it considered all the factors and circumstances around the case.
Per the update, these conditions hinges on the severity of case and the location where Do Kwon carried out the offenses. Meanwhile, the Justice Minister also signed off on the extradition order based on the sequence of request filed by the US and South Korea.
This extradition ordeal over the past years has stirred political scandals involving former Justice Minister Andrej Milovic.
Despite the fact that Do Kwon wants extradition to South Korea, he could face up to 40 years in prison there. With his extradition to the US, no one knows how many years he could get as the court tries him separately for his offenses.
Recovering LUNC and USTC Ecosystems
The fallout of the collapse of the Terraform Labs product suit shook the crypto industry with LUNC and USTC dropping to historic lows. Now a community driven project, these tokens are on bullish recovery paths.
As reported earlier by Coingape, the Terra Classic community recently voted on a proposal to raise LUNC burn tax rate to 1.5%. This proposal aims to accelerate the burn rate and ultimately the value of the token.
The bankruptcy court has also instructed LUNA parent firm Terraform Labs to liquidate its assets. With the entity now defunct, the community relies on backing from exchanges like Binance to chart its future growth course.
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