In a significant development, Do Kwon, a co-founder of Terraform Labs, has achieved a victory in his extradition appeal from Montenegro to the United States.

The Montenegro Court of Appeals has annulled the extradition order against the co-founder of Terraform Labs. Do Kwon This revocation stems from procedural issues highlighted by the court, which pointed out a lack of solid reasoning and factual grounding in the original extradition order issued by the Montenegro High Court, leading to a successful appeal.

In recent months, Do Kwon has twice contested extradition requests from both the United States and South Korea, but the High Court of Montenegro upheld these requests, compelling Kwon to file another challenge.

This ruling emerges after news surfaced that the Montenegro High Court had favored extraditing Kwon to the United States while dismissing the request from South Korea, prompting a return to the lower court for further review.

Terraform Labs is currently addressing the legal challenges presented by the SEC.

Do Kwon is facing extradition over charges regarding financial misconduct in both the US and South Korea, which stemmed from the disastrous fall of the TerraUSD and Luna cryptocurrencies in May 2022, wiping out around $40 billion in investor capital swiftly. Do Kwon His initial capture took place in Montenegro last year, where he was accused of attempting to flee the nation with a counterfeit passport, leading to sentencing.

The firm behind these crypto assets, Terraform Labs, has sought Chapter 11 bankruptcy protection in the US, aiming to maintain its operations while appealing the SEC’s actions. filed Recently, Terraform Labs has challenged the SEC's demand for $166 million in fees owed to the law firm Dentons for legal counsel, arguing that the SEC is attempting to divert attention just before the trial on March 25. The company claims that the SEC has misinterpreted legal nuances and made unfounded allegations regarding Dentons' fees.

The appellate court's decision to block Do Kwon's extradition is a crucial turning point in the complicated legal and financial issues he is facing, underscoring the case's intricate and fluid nature. latest accusations However, it's important to clarify that the information presented here should not be taken as legal, tax, financial, or investment advice. Always remember to invest only what you can afford to lose and consult with an independent financial advisor if you have concerns. For more details, we advise checking the relevant terms, conditions, and support resources from the issuer or advertiser. Metaverse Post strives for accurate and fair reporting, but market dynamics can change unexpectedly.

Alisa writes for Cryptocurrencylistings, focusing on cryptocurrency, zero-knowledge proofs, investments, and the broader Web3 space. With a strong sense for nascent trends and technologies, she offers insightful articles that engage readers in the fast-moving arena of digital finance.