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South Korea is set to extradite Do Kwon, the co-founder of the collapsed Terra platform. The Appellate Court of Montenegro has issued a ruling confirming the decision earlier taken by the High Court of Podgorica to send him to his Native country, Instead of the U.S. Let's explore the case development for Kwon's Extradition.
Terraform Labs co-founder Do Kwon is set to be extradited from Montenegro to his native South Korea following a ruling from the Balkan nation's court of appeals on Thursday, August 1.
A months-long legal back and forth will seemingly lead to Kwon's extradition to his home country,
Terraform Labs co-founder Do Kwon is finally set to be extradited to South Korea after a more than year-long legal process in Montenegro. The Appellate Court upheld the Higher Court's June decision to prioritize South Korea's extradition request over that of the US.
Terra endures more turbulence due to a complex security breach, draining $6.8M from the battle-scared chain.
Since 2023, the decision to send the Terraform co-founder to South Korea or the United States has been contested in Montenegrin courts.
The upheld extradition underscores global regulatory efforts to hold crypto leaders accountable, potentially reshaping industry oversight and trust. The post Do Kwon extradition to South Korea upheld as Montenegro court rejects US request appeared first on Crypto Briefing.
A court in Montenegro denied the U.S.'s request to extradite former Terraform Labs CEO Do Kwon and ruled that he would be sent to South Korea.
Do Kwon, the controversial co-founder of Terraform Labs, is facing imminent extradition to South Korea. This development comes after a series of legal battles and competing extradition requests from both South Korea and the United States.
Terraform Labs co-founder and fraudster Do Kwon is once again set to be extradited from Montenegro to his native South Korea, after a ruling from the Balkan nation's court of appeals Thursday.
The Court of Appeal of Montenegro ratified the ruling for Do Kwon extradition to South Korea by dismissing the US request.
On August 1, the Court of Appeal of Montenegro upheld a decision to extradite Do Kwon to South Korea, denying the U.S. its extradition request and reportedly making a ‘final' decision.
Terra blockchain was halted on July 31 due to a suspected exploit that resulted in the theft of approximately $5 million in assets. The hack was first announced on Terra's official social media accounts, alerting users to the halt at block height 11430400.
The Terra blockchain has suffered a significant breach involving a complex exploit that resulted in the theft of approximately $5 million in assorted cryptocurrencies. The specific assets stolen included approximately 60 million ASTRO tokens, 3.5 million USDC, 500,000 USDT, and 2.7 BTC.
Terra, which is a Phoenix-1 blockchain, suffered an exploit as they used an internal forked IBC-go 7.3 version that remained without an update since last year. In contrast, Terra Classic which also maintained inter-blockchain communication (IBC) dependency remained unaffected due to a major upgrade by core developer Genuine Labs months ago.
The United States Securities and Exchange Commission (SEC) is now sharing information to help crypto victims affected by Do Kwon's Terraform Labs collapse file compensation claims.
The commission has outlined the next steps following the settlement agreement with Terraform Labs and its founder, Do Kwon.
On Wednesday, July 31, the Terra Luna chain experienced a temporary halt due to a suspected exploit. The Terra hack announcement, made via Terra's official account on X (formerly known as Twitter), notified users of the imminent halt at block height 11430400.
The U.S. SEC posted an information page for investors affected by Terraform, the firm behind the algorithmic stablecoin that fell in 2022.
Terra Luna Classic community members contemplate raising the burn tax from 0.5% to 1.5% amid the burn tax distribution and Tax2Burn proposal. The community remains divided on the proposal to increase the on-chain tax rate, fearing crypto exchange Binance may suspend the LUNC burn mechanism.
Terra Luna Classic has successfully upgraded to v3.1.3 to revise burn tax distribution. The upgrade implemented Oracle Split logic to divert community pool rewards from burn tax to the Oracle Pool (OP) and terrad client to fix memory leaks.
eToro moves to delist Terra Luna Classic, rubbing the LUNC community up the wrong way.
Terra Classic community has asked Terraform Labs CEO Chris Amani and eToro for clarification on LUNC delisting on the platform. The move comes after eToro users faced difficulty in trading LUNC due to recent developments in Terraform Labs (TFL) bankruptcy proceedings.
TerraForm Labs sets a crypto loss claims bar date in a quest to gradually reimburse downtrodden investors.
