DIGIVESTASI - Do Kwon, the former CEO of Terra, who was charged by US and South Korean authorities for Terra's bankruptcy in 2022, has been officially released from prison in Montenegro. The news was reported by Bloomberg on Saturday (23/3) local time. The country's Supreme Court also blocked Kwon's extradition to South Korea. 

Mr. Kwon was acquitted of charges of traveling with false documents. He is now a free man, but his passport is still being held to prevent him from leaving Montenegro. Mr. Kwon has now been transferred to an immigration detention center, indicating that an appeal plan has been initiated to release Mr. Kwon pending a final decision on extradition.
 

No decision has yet been made regarding Do Kwon's extradition.

The move by Montenegro's Supreme Court was triggered by an objection from the Balkan country's chief prosecutor, who argued that the decision in favor of South Korea's request contained procedural errors.

The decision on extradition to both countries is pending further review by the court, and no deadline has been set following Friday's announcement.

The decision on Kwon's release will be made by the Supreme Court, which will consider whether to approve or reject his extradition to South Korea. The sentence will likely be lighter in South Korea than in the United States, where prosecutors plan to charge Kwon for the collapse of the $40 billion algorithmic stablecoin TerraUSD in 2022. If Kwon is extradited to the United States, eight criminal charges are expected to be filed by prosecutors in March 2023.

LUNA and LUNC prices are on the rise

Mr. Kwon's release affected the price of LUNA and LUNC. As of March 25, LUNA is up 1.45% in the past 24 hours and 43% in the past week. LUNA costs $1.29. In the same period, LUNC increased by 8.39% and 12.87%. Currently, LUNC is trading at $0.0001665.

Find more news and articles on Google News