- TerraForm Labs and Do Kwon’s legal epic escalates with annulled extradition.
- The Appellate Court vetoed Podgorica’s Court decision, sending it back to trial.
- LUNC and LUNA soared in price after the Appellate Court’s message went public.
TerraForm Labs founder Do Kwon isn’t being extradited to the United States just yet, as the controversial crypto entrepreneur scored a big win in the Appellate Court of Montenegro. Originally, Kwon was ruled to be sent to the US right after completing the time served for multiple document forgery.
The surprising legal developments have sent ripples through the crypto community. The statement issued on March 5, 2024, by the Appellate Court of Montenegro has completely shifted the landscape of this high-profile case.
The official statement concludes that the previous court’s decision “was affected by significant violations of the provisions of criminal procedure from Article 386 paragraph 1 points 8 and 9 of the CPC because there are no clear and valid reasons for decisive facts regarding the order of arrival request letter.”
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TerraForm Labs’ defense team pointed to “political pressure” to lean the jury’s decisions toward the United States. While Securities and Exchange Commission (SEC) legal procedures are frequently delayed due to the defender’s absence, a special witness told a South Korean District court about the “legally impossible” status of Terra USD (UST) stablecoin, which was allegedly kept in secret among TerraForm Labs executives.
Are LUNC & LUNA on a Lunar Mission?
As the legal developments in Do Kwon’s extradition case surfaced, crypto aficionados spotted a massive spike in both blockchains related to the controversial crypto mogul. After the 2021 financial fiasco crumbled the algorithmic UST stablecoin, Terra’s executives forked the blockchain to launch Terra 2.0.
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While the newly-released blockchain version didn’t attain much success due to the 2022 scandal, Terra (LUNA) produced a massive green candle on March 5, 2024, going from $0.83 to $1.41 in a matter of three hours. However, LUNA is still 94% away from the all-time high of $18.87, claimed almost two years ago.
The original Terra Luna blockchain coin, renamed Terra Luna Classic (LUNC), also saw a similar spike. LUNC again entered the TOP 100 by global market capitalization, spiking from $0.00018883 to $0.00023749 during the same period as LUNA on March 5, 2024. However, it’s important to note that Terra Classic’s chain has an independent community with volunteer developers who have distanced themselves from Mr. Kwon.
On the Flipside
- The annulled extradition still leaves the United States and South Korea as the top contenders to get approval for Do Kwon’s extradition after the document forgery sentence expires.
- While Kwon has preferred to be repatriated to South Korea, the Appellate Court confirmed that the U.S. issued their extradition request on March 27, 2023, one day earlier than South Korean officials.
Why This Matters
The Securities and Exchange Commission charged Do Kwon in March 2023 with customer defrauding and market manipulation. The SEC has initiated an extradition process to close this case.
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