This pivotal ruling stems from an appeal lodged by Do Kwon’s defense, prompting the case to be returned to the Supreme Court for reassessment. The outcome introduces fresh uncertainty into the extradition proceedings for Do Kwon. Recent reports indicate that authorities have extended Do Kwon’s extradition detention until mid-February, providing additional time to deliberate on whether he should be extradited to the United States or South Korea.
The ultimate determination of Kwon’s destination now lies with Montenegro’s justice minister, as both countries have indicted him in connection with the collapse of TerraUSD, an algorithmic stablecoin, in 2022.
The reversal of the extradition approval comes on the heels of Do Kwon’s appeal, filed a mere two weeks after the High Court’s initial decision on November 24. While the High Court had granted approval for extradition to both South Korea and the United States, the final say was left to the discretion of the Montenegrin Minister of Justice.
Do Kwon’s appeal is deeply rooted in his steadfast opposition to the court’s ruling, as he explicitly stated, “I do not accept the court’s decision to extradite me, so I do not submit to the court’s decision.”
In late March, Do Kwon and Han Chang-Joon, the former finance officer of Terraform Labs, were detained while attempting to board a flight to Dubai at Podgorica airport, Montenegro’s capital. Subsequently, Do Kwon faced charges of forging official documents. Throughout the extradition trial, Kwon consistently expressed a preference for being extradited to South Korea, a sentiment reiterated in the court’s press release.
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As the case returns to the High Court for reconsideration, the fate of Do Kwon’s extradition remains uncertain, with the Montenegrin Minister of Justice set to decide his destination based on arguments presented by both the defense and prosecution.
Price Fluctuations of LUNC Token
LUNC, the original Terra LUNA coin, has experienced a significant 13% surge in response to the ongoing legal developments surrounding Do Kwon. LUNC emerged following the collapse of UST/Luna and the establishment of a new Terra Chain.
Following the news of potential approval for Do Kwon’s extradition to either the United States or South Korea, LUNC witnessed a notable decline on December 4, experiencing a drop of over 30%, from 0.00027963 to $0.00014174. However, it has since rebounded and is currently trading at $0.00016717, reflecting a gain of 120% over the past 30 days and 21% year-to-date.
The outcome of Do Kwon’s case remains uncertain, and its potential impact on the price of LUNC is yet to be seen. The resolution of this legal matter is likely to influence the future trend of the token in the coming months.
