World Crypto Global
- Written by: Tareq Sikder
- Thu, 07 Mar 2024
- Israel
Concerning the fate of cryptocurrency entrepreneur Do Kwon,a Montenegrin court has ruled in favor of his extradition to his native SouthKorea. The decision marks the latest twist in the legal saga that unfoldedfollowing Kwon's arrest in the Balkan nation last year.Appeals Court Reverses Decision: Extradition to USOverturnedThe High Court's ruling came swiftly after an appeals courtoverturned its previous decision to extradite Kwon to the United States, wherehe faces charges related to a $40 billion crash of Terraform Labs'cryptocurrency. Kwon, aged 32, was apprehended on an international arrestwarrant, following allegations of fraud and financial misconduct thatdevastated retail investors globally.The legal battle over Kwon's extradition has beentumultuous, with both South Korea and the United States vying for custody. Lastmonth, the High Court initially decided to hand over Kwon to the US, but theCourt of Appeals nullified the decision, citing procedural discrepancies overthe timing of extradition requests.UPDATE: Do Kwon could be extradited from Montenegro to South Korea after March 23, his lawyer said. https://t.co/wSn2X7eypD CoinDesk (@CoinDesk) March 7, 2024SEC Seeks Summary JudgmentEarlier, the USSecurities and Exchange Commission (SEC) filed for summary judgment againstKwon and Terraform Labs, aiming to avoid a full trial, as reported by FinanceMagnates. The SEC argues that there's no dispute that purchasers investedmoney, alleging that Kwon and Terraform sold securities. The case hinges onwhether the assets sold meet the criteria of an investment contract under theHowey test. The SEC contends that pooling money with the expectation ofprofits from promoters satisfies the Howey test. They allege Terraform and Kwonengaged in fraudulent conduct, making misleading statements about the stabilityof UST and arranging third-party interventions. Kwon's defense team argues thatthe SEC hasn't proven they were offering securities. This article was written by Tareq Sikder at www.financemagnates.com.
