{"id":88226,"date":"2023-11-24T05:36:34","date_gmt":"2023-11-24T10:36:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/terra-founder-do-kwons-extradition-approved-by-montenegrin-court-heres-the-latest\/"},"modified":"2023-11-24T05:36:35","modified_gmt":"2023-11-24T10:36:35","slug":"terra-founder-do-kwons-extradition-approved-by-montenegrin-court-heres-the-latest","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=88226","title":{"rendered":"Terra Founder Do Kwon&#8217;s Extradition Approved by Montenegrin Court \u2013 Here&#8217;s the Latest"},"content":{"rendered":"<div>\n<figure id=\"attachment_136140\" aria-describedby=\"caption-attachment-136140\" style=\"width: 976px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-136140\" class=\"wp-caption-text\">Image Source: Reuters<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">A court in Montenegro\u2019s capital, Podgorica, has approved the extradition of Do Kwon, the founder of Terra, to either South Korea or the United States.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to a\u00a0<\/span><span data-preserver-spaces=\"true\">recent update on the judiciary\u2019s website<\/span><span data-preserver-spaces=\"true\">, the final decision on the country of extradition will be taken by the Montenegrin Justice Minister.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, before the extradition process takes place, Kwon will serve a four-month prison sentence in Montenegro for the crime of document forgery.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Kwon\u2019s arrest took place in March at Podgorica\u2019s airport, where he was apprehended with falsified documents.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Kwon\u2019s legal troubles extend beyond Montenegro.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In addition to the charges of document falsification, he faces multiple counts of fraud levied by U.S. federal prosecutors.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">US prosecutors have claimed that Kwon made a series of false and misleading statements during a TV interview about the extent to which the Terra blockchain had been adopted by users.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The disgraced crypto boss also made a series of purportedly misleading statements about the effectiveness of the TerraClassicUSD stablecoin to keep its peg with the US dollar, as well as Kwon\u2019s alleged involvement in trading strategies that were designed to alter the market price of assets.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Furthermore, he is also dealing with civil charges in the U.S., as well as an ongoing investigation in South Korea related to the collapse of TerraUSD last year.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Just recently, the Montenegro High Court upheld the four-month prison sentence for Kwon and his associate Han Chang-Joon.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The court rejected their appeal, deeming the sentence appropriate. After serving his sentence in Montenegro, Kwon faces the possibility of extradition to either South Korea or the U.S.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Terra Co-Founder Indicted in South Korea<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">In a separate but related development, Daniel Shin, co-founder of Terraform Labs, was\u00a0<\/span><span data-preserver-spaces=\"true\">indicted in South Korea<\/span><span data-preserver-spaces=\"true\">\u00a0for violations of capital markets laws.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Prosecutors have frozen $185 million in assets.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Shin, however, has denied any involvement in the collapse of the company, stating that he left two years prior to the incident.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Shin is the founder of Chai, which established a business partnership with Terra.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He has claimed the partnership discontinued in 2020, but a 2022 interview on a YouTube channel showed Shin explaining that Chai products could be \u201ctopped up\u201d at Terra \u201cstations\u201d \u2013 an indication that the partnership was still live in early 2022.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The video in question was posted three weeks prior to the Terra ecosystem crash.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Shin maintained that the video and its contents were misinterpreted, and his legal team clarified in a statement to SBS that Shin \u201chas not participated in Terra\u2019s management since parting ways with Kwon\u201d in 2020.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">His team further added that the United States Securities and Exchange Commission (SEC) had issued charges against Kwon.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the team noted that charges made no mention of Shin, an indication that the SEC did not think he was connected with fraud or securities-related violations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Terra\u2019s algorithmic stablecoin TerraUSD used a mix of algorithms and trader incentives involving a sister token, Luna, to maintain its $1 peg.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the stablecoin\u00a0<\/span><span data-preserver-spaces=\"true\">lost<\/span><span data-preserver-spaces=\"true\">\u00a0its dollar peg in May last year after a wave of sell-offs hit the crypto market.\u00a0<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/terra-founder-do-kwons-extradition-approved-by-montenegrin-court-heres-the-latest.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: Reuters A court in Montenegro\u2019s capital, Podgorica, has approved the extradition of Do Kwon, the founder of Terra, to either South Korea or the United States.\u00a0 According to a\u00a0recent update on the judiciary\u2019s website, the final decision on the country of extradition will be taken by the Montenegrin Justice Minister. However, before the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":88227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-88226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Terra Founder Do Kwon&#039;s Extradition Approved by Montenegrin Court \u2013 Here&#039;s the Latest | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Image Source: Reuters A court in Montenegro\u2019s capital, Podgorica, has approved the extradition of Do Kwon, the founder of Terra, to either South Korea or\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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