A cryptocurrency mogul arrested in Montenegro is extradited to South Korea after a court ruling

POGORICA, Montenegro (AP) — A Montenegrin court on Thursday ruled that a cryptocurrency mogul Tho Kwan He is due to be extradited to his home country of South Korea, the latest twist in a legal process that has dragged on for months following his arrest Terraform Labs Founder in the Balkans last year.

The high court's ruling comes days after an appeals court overturned its earlier decision to extradite Kwon to the United States.

Quan, 32, was arrested on an international arrest warrant in connection with the $40 billion debacle of Terraform Labs' cryptocurrency that devastated retail investors around the world. South Korea and the United States are both He demanded Kwon's extradition From Montenegro.

Last month, a high court in Montenegro decided to extradite Guan to the United States, but an appeals court overturned that decision and ordered a lower court to reinstate him. In a statement, the appeals court cited procedural issues over who filed the claim first in the United States or South Korea.

The high court's latest decision could be appealed again, spokeswoman Marija Rakovic said. It is not known when the final verdict will come. Kwon is also serving a four-month prison sentence in Montenegro for using a false passport.

Known as the “cryptocurrency king,” Kwon is wanted by the United States, where he is accused of fraud by federal prosecutors in New York. South Korean lawyers have also sought his extradition.

Kwon and another South Korean were arrested On March 23 at the Podgorica airport in Montenegro, when he tried to leave for Dubai, United Arab Emirates, using a fake Costa Rican passport. Kwon and five others associated with Terraform are wanted on charges of fraud and financial crimes related to the explosion of its digital currency in May 2022.

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TerraUSD is designed to be a “stablecoin” that is pegged to stable assets like the dollar to hedge against sharp fluctuations in prices. However, roughly $40 billion in market value was wiped out for holders of TerraUSD and its floating sister coin, Luna.

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