Local news reporter Jane Sheppard reports on a recent development in the cryptocurrency world. Do Kwon, a South Korean crypto fugitive, has been released from prison in Montenegro, as the Supreme Court deliberates on extradition requests from both the US and South Korea. This news comes as a surprise to many in the finance sector, as Kwon is a key player in the world of cryptocurrency.
Details Surrounding Kwon’s Release
According to prison director Darko Vukcevic, Kwon was released after serving his regular prison term for traveling with fake papers. Given that Kwon is a foreign citizen and his documents were withheld, he was taken for an interview to the police directorate for foreigners for further processing.
Kwon’s lawyer, Goran Rodic, confirmed his client’s release. He also stated that Kwon’s passport has been held back to prevent him from leaving the country.
Kwon’s Current Status
Following his release, Kwon was moved to a shelter for foreigners later on Saturday, according to state TV. Rodic mentioned that he plans to appeal to a court with the argument that Kwon should have the freedom to stay at large until a decision on extradition is reached.
The Supreme Court’s Decision
Montenegro’s Supreme Court suspended earlier decisions by lower-level judges to extradite the former crypto mogul to South Korea. This move stalls the effort to hand over the co-founder of Terraform Labs Pte to his native country. It’s worth noting that penalties in South Korea are less severe than in the US, where prosecutors aim to try Kwon for the $40 billion collapse of the TerraUSD algorithmic stablecoin in 2022.
The Supreme Court took this step a day after the top prosecutor in the Balkan country, citing procedural errors, challenged the rulings that favored South Korea’s request. Now, extradition to either country is only possible after further deliberations by the court, which has not offered a time-frame for a final decision.
What This Means for Investors
- The release of Do Kwon could have potential implications on the cryptocurrency market. As the co-founder of Terraform Labs, Kwon’s actions might influence the company’s credibility and its associated cryptocurrencies.
- The Supreme Court’s decision on Kwon’s extradition could set a precedent for how countries deal with international crypto criminal cases. This could potentially affect how investors perceive the risks associated with investing in cryptocurrencies.
- The ongoing legal proceedings could bring more transparency to Terraform Labs and its operations, which could either strengthen or weaken investor confidence.
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