A Montenegrin court has recently halted the extradition proceedings of Terraform Labs co-founder Do Kwon, marking a significant turn in the case. Montenegrin prosecutors had previously rejected the court’s decision to extradite Kwon to South Korea. This move has resulted in a suspension of the extradition process, which has been deemed a substantial victory for Kwon by the court.
Extradition Standstill and House Arrest Release
The struggle between the Montenegrin judiciary and the prosecution on Kwon’s extradition has culminated in Kwon’s release under house arrest. This development indicates an unexpected legal triumph for the former CEO amidst a tug-of-war over his fate.
Kwon’s arrest in Montenegro with a fraudulent passport followed a period where his actions contributed to a downturn in the cryptocurrency markets. The recent court decision alters his predicament dramatically, with the future of his extradition hanging in the balance as South Korea and the USA both seek his transfer.
The outcome has sparked interest regarding what steps the involved nations will take forward. Kwon’s legal team had favored extradition to South Korea, but for now, he remains in Montenegro.
Cryptocurrency Market Reactions
Market watchers have noted a surge in the value of cryptocurrencies LUNC and USTC following the court’s decision. LUNC’s price soared by 6.82%, reaching $0.00015408, while USTC also saw a rise of 3.5%, hitting $0.02875. The market’s positive reaction to the news suggests investor optimism.
However, given the history of fluctuating decisions in Do Kwon’s case, investors are reminded to stay alert for potential new developments that may emerge shortly.