In mid-2022, a resolution was reached regarding Do Kwon, the individual who plunged cryptocurrency markets into turmoil. For months, the crypto community awaited Kwon’s extradition from Montenegro to South Korea, but decisions were repeatedly overturned for various reasons. Now, definitive action has been taken.
Latest Developments on Do Kwon
Do Kwon, the founder of Terra (LUNA) and UST, had previously initiated an algorithmic stablecoin anonymously, only to fail spectacularly once again. He fled to Montenegro after causing one of the largest collapses in cryptocurrency history with the LUNA crash. His whereabouts had been unknown for months until he was suddenly apprehended in Montenegro, coinciding with extradition requests from South Korea and the United States.
Extradition Approved
Local courts issued extradition decisions, only for higher courts to overturn them, resulting in nearly ten instances of extradition approvals and rejections. However, Kwon has now reached the end of the line. The Montenegrin Justice Minister has approved Kwon’s extradition to the United States, where he is expected to serve his sentence. South Korea may also seek Kwon’s extradition from the U.S.
Following the news of Kwon’s extradition, the price of LUNA rose approximately 4% before beginning to decline, remaining above $0.40. The risks associated with LUNA Coin have been discussed extensively in previous analyses.
