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Do Kwon's US Extradition Overturned - What's Next?

Published 05/03/2024, 16:12
Updated 05/03/2024, 17:40
© Reuters.  Do Kwon's US Extradition Overturned - What's Next?

Benzinga - by Murtuza Merchant, Benzinga Staff Writer.

A court in Montenegro overturned a previous court's ruling to extradite the imprisoned co-founder of the Terra (CRYPTO: LUNA) blockchain network Do Kwon to the United States.

What Happened: The initial ruling by the Higher Court in Podgorica on Feb. 20, 2024, had approved the expedited extradition of South Korean national Kwon to the U.S., following a request by the United States for his criminal prosecution for multiple offenses.

However, this decision was contested, leading to an appeal that argued significant procedural violations in the extradition process.

Deliberating on the appeal, the appeals court found the lower court's decision flawed, particularly criticizing the lack of clear and valid reasons regarding the sequence in which the extradition requests from the U.S. and South Korea were received.

The appeals court highlighted discrepancies in the handling of these requests, noting that the Ministry of Justice's documentation did not provide a coherent rationale for prioritizing the U.S. request over South Korea's.

Also Read: Bitcoin Surges Past $66,000: Will It Reach An All-Time High This Week?

Why It Matters: The ruling not only affects Kwon's immediate legal situation but also sets a precedent for how countries navigate the extradition of individuals accused of crimes in the crypto industry.

The case has attracted global attention, reflecting the growing scrutiny of cryptocurrency operations and their founders.

The case is far from over, as the matter has been remanded to the lower court for a new decision, leaving Kwon's future uncertain. This ongoing legal battle highlights the challenges of regulating and prosecuting alleged misconduct in the decentralized finance space.

Price Action: At the time of writing, Bitcoin was trading at $65.848, down 1.2% over the past 24 hours, according to Benzinga Pro.

Read Next: Solana's BONK, PPBLZ, Popcat Join Memecoin Frenzy Led By Doge, Shiba Inu As Bitcoin Nears All-Time High

Photo: Shutterstock

© 2024 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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