Anticipations of a long-lasting bull market for Bitcoin and other cryptocurrencies were dashed on May 9, 2022, when the value of Terra’s LUNA collapsed, sparking a drawn-out period of market downturn known as the crypto winter. The crash coincided with the loss of the UST stablecoin’s dollar peg and the subsequent disappearance of Terra’s co-founder Do Kwon. In a recent turn of events, Kwon has obtained a judicial triumph in Montenegro, challenging prior decisions regarding his extradition.
Court Reverses Extradition Order
Do Kwon, who is currently detained, has been granted a reprieve by a Montenegro court which nullified a prior order to extradite him to the United States. This reversal is based on substantial procedural breaches identified by the appeals court. The previous decision, which was challenged by Kwon and his legal team, was linked to the lawsuits emanating from the catastrophic collapse of Terra’s market value.
Legal Process Unfolds
The appeals court’s decision was lauded by Kwon’s attorney, Goran Rodic, as a reaffirmation of the illegality of past court decisions. The case has been remanded to lower courts for a new evaluation. Earlier in February, this same court had made a pivotal decision to redirect the choice of extradition to the justice minister, either to the USA or South Korea, for a retrial.
Kwon’s initial capture took place in March 2023 at Podgorica Airport as he attempted to escape to Dubai with an associate. He has since been incarcerated in Montenegro for possession of a fraudulent Costa Rican passport. With the case poised for retrial, Marija Rakovic from the High Court confirmed the absence of a cap on the number of retrials and the lack of a legal deadline for a new court resolution.
While the legal proceedings continue, the value of LUNC, Terra’s altcoin, witnessed a significant 11% price surge, reflecting the market’s reaction to the latest developments in Kwon’s case.