Do Kwon Sent To Foreigner Facility In Montenegro As He Awaits Extradition Decision

Montenegrin authorities have sent former Terraform Labs CEO Do Kwon to a “reception center” for foreigners following the end of his prison term on Mar. 23 as he awaits a decision on his extradition.

Kwon will remain at the facility until the local court reaches a decision regarding his extradition, according to a report by Montenegro’s Vijesti news outlet. His passport was confiscated last week, the newspaper added.

Prior to moving camp, the former Terraform Labs CEO was interrogated for five hours by a local inspector, it added

Kwon’s local legal representative, Goran Rodić, said that the treatment of Kwon was illegal and that a complaint will be filed.

Montenegro Orders Do Kwon Extradition To South Korea - Details

US Officials Wait For Do Kwon

A Montenegrin court sentenced Kwon to four months in prison after he was arrested for using a forged passport when trying to board a flight bound for Dubai.

Both South Korean and US authorities have actively pursued his extradition following his arrest, with Kwon expressing a preference for the former.

The US Attorney’s Office has charged the co-founder with eight criminal charges. A civil case has also been opened against Kwon and Terraform by the US Securities and Exchange Commission (SEC). The date for this trial is set at Mar. 25.

Local prosecutors objected to last week’s decision to extradite Kwon to South Korea. They said the court had overstepped its authority by carrying out an “abbreviated” legal procedure, leading to the decision being delayed.

The Terraform Labs co-founder was initially supposed to be extradited to the US, but that decision was revoked on appeal.

Terraform Labs Files For Chapter 11 Bankruptcy Ahead Of Legal Proceedings

Terraform Labs filed for Chapter 11 bankruptcy protection in Delaware on Jan. 21. It is estimated that the company had between $100 million and $500 million in both assets and liabilities.

The company aims to clear debts owed to vendors and employees without needing additional financing. This bankruptcy filing will also help Terraform Labs navigate ongoing legal proceedings in both the US and Singapore.

Related Articles:

  • Best Crypto to Buy Now (2024): Top Picks for Explosive Growth!
  • Solana Meme Coin Pundu Raises $37m As Dogecoin20 Rockets Past $7.9m
  • Monero Price Prediction: XMR Is Biggest Loser With 2% Tumble As Analysts Ask If It’s Too Late To Buy This Solana Meme Coin After Parabolic Monthly Gain

Comments

Post a Comment

Popular posts from this blog

Iran completes pre-pilot phase of central bank digital currency

The Central Bank of Iran progresses with CBDC development in anticipation of the Bank of Russia’s governor Elvira Nabiullina’s visit. Iran is moving forward with its central bank digital currency (CBDC) plans, completing preliminary research for the launch of a potential digital rial. The Central Bank of Iran (CBI) has successfully completed a pre-pilot phase in the development of Iran’s CBDC, according to an official statement by CBI’s research arm, the Monetary and Banking Research Institute (MBRI). Mohammad Reza Mani Yekta, head of the CBI office for supervising payment systems, announced the news at the ninth annual conference on electronic banking and payment systems on Feb. 20. He noted that Iran’s central bank plans to increase the scope of the CBDC pilot in the country’s payment system, but doesn’t want to rush its implementation. “The pre-pilot phase ended successfully with valuable achievements. The project will soon be launched in other ecosystems and will be used by mo...
Read more

5 Cryptocurrencies Outperforming Others in the Top 100

Image
WLD’s successful rise above the $8 resistance could trigger a jump toward $10. AR might slip below $20 while selling pressure could lead PEPE down to $0.0000013. Increased buying pressure could send FET above $2 while FLR’s momentum had turned bearish. Over the last few weeks, the broader crypto market has experienced major upside with Bitcoin (BTC) hitting $64,000 at one point. However, apart from Bitcoin’s jump, there have been several cryptocurrencies that have been in the spotlight and performed exceptionally. Here are the top five best-performing coins in the top 100. Worldcoin (WLD) Worldcoin’s (WLD) price increased by 217.82% in the last 30 days. At a particular time, the price of the token crossed $9. However, in the last seven days, the upward trajectory had cooled, and at press time, Worldcoin changed hands at $7.72. Based on the 4-hour WLD/USD chart sellers might have gotten exhausted with support appearing at $7.25. However, a build-up bac...
Read more

ChatGPT 4-o predicts Solana price amid ETF forecast for 2025

Image
Solana (SOL), currently the fifth-largest cryptocurrency by market capitalization, has experienced a notable price jump in the past 24 hours.  This rise is fueled by VanEck, a well-known New York investment management firm, filing an S-1 registration statement for its “VanEck Solana Trust,” marking the first attempt to launch a spot Solana exchange-traded funds (ETFs) in the U.S. In addition, Canadian firm 3iQ Corp recently filed a preliminary prospectus to introduce the Solana Fund (QSOL) in Canada. These filings have generated substantial interest and speculation about Solana’s future price trajectory.   Picks for you 3 cryptocurrencies to turn $100 into $1,000 for end of 2024 32 mins ago Here's Bitcoin's ...
Read more