Concerning the fate of a cryptocurrency entrepreneur Do Kwon,
a Montenegrin court has ruled in favor of his extradition to his native South
Korea. The decision marks the latest twist in the legal saga that unfolded
following Kwon’s arrest in the Balkan nation last year.
The High Court’s ruling came swiftly after an appeals court
overturned its previous decision to extradite Kwon to the United States where
he faces charges related to a $40 billion crash of Terraform Labs’
cryptocurrency. Kwon, aged 32, was apprehended on an international arrest
warrant, following allegations of fraud and financial misconduct that
devastated retail investors globally.
The legal battle over Kwon’s extradition has been
tumultuous, with both South Korea and the United States vying for custody. Last
month, the High Court initially decided to hand over Kwon to the US, but the
Court of Appeals nullified the decision, citing procedural discrepancies over
the timing of extradition requests.
UPDATE: Do Kwon could be extradited from Montenegro to South Korea after March 23, his lawyer said. https://t.co/wSn2X7eypD
— CoinDesk (@CoinDesk) March 7, 2024
The SEC Seeks Summary Judgment
Earlier, the US
Securities and Exchange Commission (SEC) filed for summary judgment against
Kwon and Terraform Labs, aiming to avoid a full trial, as reported by Finance
Magnates. The SEC argues that there’s no dispute that purchasers invested
money, alleging that Kwon and Terraform sold securities. The case hinges on
whether the assets sold meet the criteria of an investment contract under the
Howey test.
The SEC contends that pooling money with the expectation of
profits from promoters satisfies the Howey test. They allege Terraform and Kwon
engaged in fraudulent conduct, making misleading statements about the stability
of UST and arranging third-party interventions. Kwon’s defense team argues that
the SEC hasn’t proven they were offering securities.
Concerning the fate of a cryptocurrency entrepreneur Do Kwon,
a Montenegrin court has ruled in favor of his extradition to his native South
Korea. The decision marks the latest twist in the legal saga that unfolded
following Kwon’s arrest in the Balkan nation last year.
The High Court’s ruling came swiftly after an appeals court
overturned its previous decision to extradite Kwon to the United States where
he faces charges related to a $40 billion crash of Terraform Labs’
cryptocurrency. Kwon, aged 32, was apprehended on an international arrest
warrant, following allegations of fraud and financial misconduct that
devastated retail investors globally.
The legal battle over Kwon’s extradition has been
tumultuous, with both South Korea and the United States vying for custody. Last
month, the High Court initially decided to hand over Kwon to the US, but the
Court of Appeals nullified the decision, citing procedural discrepancies over
the timing of extradition requests.
UPDATE: Do Kwon could be extradited from Montenegro to South Korea after March 23, his lawyer said. https://t.co/wSn2X7eypD
— CoinDesk (@CoinDesk) March 7, 2024
The SEC Seeks Summary Judgment
Earlier, the US
Securities and Exchange Commission (SEC) filed for summary judgment against
Kwon and Terraform Labs, aiming to avoid a full trial, as reported by Finance
Magnates. The SEC argues that there’s no dispute that purchasers invested
money, alleging that Kwon and Terraform sold securities. The case hinges on
whether the assets sold meet the criteria of an investment contract under the
Howey test.
The SEC contends that pooling money with the expectation of
profits from promoters satisfies the Howey test. They allege Terraform and Kwon
engaged in fraudulent conduct, making misleading statements about the stability
of UST and arranging third-party interventions. Kwon’s defense team argues that
the SEC hasn’t proven they were offering securities.
