Towards the end of November 2021, while a bull run in Bitcoin and altcoins was expected to be long-lasting, news that shook the world on May 9, 2022, rattled the cryptocurrency world and initiated a prolonged crypto winter. The price of Terra’s LUNA plummeted amidst events centered around Do Kwon, while Terra’s stablecoin UST lost its peg to the dollar. Following the process where Do Kwon went missing, a new decision was made today after he was apprehended in Montenegro.
Court Decision Overturned
According to a recent announcement, Do Kwon, currently imprisoned and co-founder of the Terra blockchain network, has achieved a significant victory. A Montenegro court has overturned a lower court’s decision to extradite him to the USA, marking a major development.
In Montenegro, the appeals court overturned the extradition decision made in February, citing “significant violations of criminal procedure provisions.”
Kwon and his lawyers had appealed the decision to extradite him to the US, which was made in connection with the lawsuits related to Terra’s $60 billion collapse in May 2022.
Developments in the Judiciary
Kwon’s lawyer, Goran Rodic, stated that the appeal decision once again confirmed the illegality of the previous rulings. The appeals court announced that the case would be sent back to the lower courts for a second review.
In early February, the appeals court had made another critical decision, overturning a previous ruling that gave the country’s justice minister the authority to decide whether Kwon should be extradited to the USA or South Korea, and sent the case back for retrial.
The US’s initial request for extradition came shortly after Kwon was arrested in March 2023 at Podgorica Airport in Montenegro while attempting to flee to Dubai on a private jet with Han Chang-joon.
Since his capture last year for using a fake Costa Rican passport, Kwon has remained imprisoned in Montenegro.
High Court spokesperson Marija Rakovic also confirmed that the case was sent back for retrial, noting that there is no limit to how many times a retrial can occur. She also mentioned that there is no legal time limit for the Montenegro high court to issue a new decision.
Amidst these developments, attention turned to the price of LUNC. The altcoin’s price experienced an over 11% surge within minutes, trading at $0.00020395.
