South Korea has intensified its actions to extradite Do Kwon, the CEO of Terraform Labs, again to its jurisdiction, as native South Korean media experiences. This comes within the wake of a big authorized improvement in Montenegro the place Do Kwon efficiently appealed in opposition to his extradition to the US, thereby redirecting the main focus in the direction of South Korea’s authorized declare on him.
Extraditing Do Kwon To South Korea
The Nationwide Police Company of South Korea has formally sought the help of the Worldwide Felony Police Group (Interpol) to facilitate the extradition of Kwon Do-hyung, saying, “We hope for curiosity and assist on the Secretariat degree in order that the topic might be extradited to Korea.
This motion follows the Montenegrin Court docket of Appeals’ determination which rejected the US extradition request based mostly on the precedent of the request dates. South Korea had formally requested Kwon’s extradition on March 29, forward of the US’ request on April 3, establishing a authorized precedent for Do Kwon’s extradition to South Korea.
The Ministry of Justice stated, “We’ve not but obtained official notification from Montenegro. Notification will come solely when the repatriation determination is confirmed. The Ministry of Justice, Ministry of Overseas Affairs, and Nationwide Police Company are working collectively to repatriate Mr. Kwon.”
Moreover, Newsis revealed in the present day that “the Ministry of Justice’s Worldwide Felony Division and the Nationwide Police Company are working collectively to repatriate Mr. Kwon by way of the worldwide legal cooperation channel and the Interpol worldwide cooperation line, respectively,” stated Lee Yong-sang, an officer specializing in worldwide cooperation.
This improvement is a part of the continued saga following the dramatic collapse of the Terra Luna, which resulted in important monetary losses worldwide, with the harm suffered by traders estimated at greater than $40 billion.
Do Kwon, who had moved to Singapore simply earlier than the crash in April 2022, was arrested in Montenegro in March of the next yr for utilizing a pretend passport. This arrest marked the start of an intricate authorized battle involving a number of nations, every with its vested curiosity in prosecuting Kwon for his position within the Terra Luna debacle.
Curiously, the authorized standing of Terra’s token LUNA varies between jurisdictions, with a South Korean courtroom ruling that LUNA doesn’t represent a safety beneath its Capital Markets Act, whereas a US courtroom has dominated in any other case. This discrepancy highlights the complicated authorized and regulatory panorama that digital belongings navigate, additional complicating the extradition course of and potential authorized proceedings in opposition to Kwon.
Han Chang-jun, Chief Monetary Officer (CFO) of Terraform Labs Korea, who was arrested in Montenegro as an in depth affiliate of Do Kwon was extradited to Korea on February 6 and is presently on trial.
As South Korea prepares for the potential for repatriating Do Kwon, the worldwide crypto neighborhood watches intently. The result of this case could set vital precedents for the worldwide regulation and prosecution of digital asset-related crimes, reflecting the rising want for cross-border cooperation and harmonization of authorized requirements within the digital age.
At press time, the Terra Luna Basic (LUNC) value stood at $0.0001923.
Featured picture from BBC, chart from TradingView.com
