- Taking a dig into the history, Kwon is claimed of that he made financial losses going over $34 billion in the Terra-Luna collapse.
- As per the reports, the current chief executive officer of the company, Chris Amani says that the company has around $150 million in assets.
- Regardless of what the judgment says, the legal team of Kwon is anticipated to carry on efforts to hinder his extradition to the United States.
The Constitutional Court of Montenegro has dismissed an application by the co-founder of Terraform Labs, Do Kwon, and a leading figure in the breakdown of the TerraUSD (UST) stablecoin and its associated token, Luna.
On December 24, a local media outlet, Vijesti reported the decision of the court that ratified the authority of the Minister of Justice of South Korea to be in charge of extradition matters, smashing the efforts of Kwon to challenge the move.
The unworthy claims
In the appeal, Kwon highlighted the ruling of the Supreme Court that overturned his shift to South Korea, handing over the decision on extradition to Justice Minister Bojan Bozovic. The legal team of Kwon said that the ruling breached procedural candor and his right to have a fair trial.
Meanwhile, the Constitutional Court found these claims unworthy and handed them over to the Justice Minister for further decision. It is speculated in some local reports of the country that the authorities of Montenegro may give the decision in favor of extraditing him to the US instead of South Korea, with experts advising national interests could play a determining role.
The arrest in Montenegro
Taking a dig into the history, Kwon is claimed of that he made financial losses going over $34 billion in the Terra-Luna collapse, and being fled. He was arrested in Montenegro after traveling through Singapore, the United Arab Emirates, and Serbia for using a fake passport.
Regardless of what the judgment says, the legal team of Kwon is anticipated to carry on efforts to hinder his extradition to the United States, where he already has multiple charges. At the same time, the authorities of South Korea have requested Montenegro to accelerate the process, quoting concerns about probable human rights breaches if the proceedings are stretched.
The exact time when Kwon will be extradited is not sure yet, but the decision of the court has notedly shrunk his legal options. In the current scenario, Terraform Labs is working under Chapter 11 bankruptcy protection and has faced the summons of how to fulfill the substantial financial obligations.
As per the reports, the current chief executive officer of the company, Chris Amani says that the company has around $150 million in assets.
