A Montenegrin appeals court has upheld a ruling by a lower court to hand over a South Korean mogul known as “the cryptocurrency king” to his native country. The move marks yet another twist in a months-long legal saga in the case of Do Kwon, the Terraform Labs founder who was arrested in Montenegro last year. Both South Korea and the U.S.
FILE - Montenegrin police officers escort South Korea n citizen, Terraform Labs founder Do Kwon, center, in Montenegro ’s capital Podgorica, March 23, 2024. A Montenegrin appeals court on Thursday, Aug. 1, upheld a ruling by a lower court to hand over the South Korea n mogul known as “the cryptocurrency king” to his native country, rejecting a bid to extradite him to the United States.
TerraUSD was designed as a “stablecoin,” a currency which is pegged to stable assets like the dollar to prevent drastic fluctuations in prices. However, around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg.
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