Do Kwon is set for extradition to South Korea, as the decision cannot be contested again.
Terra Lab’s native token Luna surged 5% in hours as the Montenegro Appeal Courts upheld an earlier decision to extradite Do Kwon-Hyung, a fallen crypto mogul, to South Korea. The court further noted that Do Kwon’s attorney cannot appeal the judgment further.
Despite successfully winning an earlier case involving Terra Lab’s founder and US regulators, Do Kwon’s attorney failed to make headway in the appeal. The Appeals Court overturned the extradition ruling by the High Court in February, stating that Do Kwon should be extradited to the US. This decision, which cannot be further appealed, underscores the gravity of Do Kwon’s situation.
Do Kwon Heading to South Korea
“Deciding on the appeal of the defendant’s counsel, the panel of the Court of Appeals assessed that the first-instance court had correctly established that the request of the Republic of South Korea arrived earlier in the order of arrival compared to the request of the USA, so it correctly assessed this and other criteria from Article 26 of the Law on International Legal Assistance in Criminal Matters, which is applied in the case when the extradition of the same person is requested by several countries, made a decision allowing the extradition of the accused Do Kwon to South Korea,” the court stated.
The court did not expressly state the date for the extradition, but the decision to go to South Korea is out of contention. Do Kwon’s attorney filed to appeal a decision on March 6th to move the Terra Labs co-founder to his hometown.
Luna Bounces
Following the announcement, Luna surged over 5% in hours, from $0.0001272 to $0.000322. The token further continued its uptrend and is trading at $0.0001405 at press time following a broader market rebound.
Luna is currently ranked 126 in the cryptocurrency hierarchy, with a market cap of $802 million. The token’s price is still over 99% down from its all-time high of $119.18, a feat it achieved before Terra Lab’s UST collapse in 2022.
