IANS | 07 Apr, 2024
A jury in New York found crypto mogul Do Kwon and his company,
Terraform Labs, liable on civil fraud charges, news outlets reported, as
he is in Montenegro pending a process to determine whether he should be
extradited to his home country, South Korea, or the US.
The jury
agreed with the US Securities and Exchange Commission that Kwon and the
company misled investors before TerraUSD stablecoin's collapse in 2022,
according to news outlets.
The jury's verdict in Manhattan federal
court came amid uncertainty over where he would be extradited as Kwon
is wanted by both South Korea and the U.S on charges related to the
crypto crash, reports Yonhap news agency.
The top court in
Montenegro decided to scrap an earlier decision to extradite Kwon to
Korea and sent the case back to a lower court, according to Montenegrin
daily Vijesti.
Last month, the top court decided to defer Kwon's
extradition to Korea after the top prosecutors' office made a request to
review whether the procedures that led to the extradition decision were
legal.
Kwon was captured at an airport in Montenegro in March
last year when he was reportedly trying to board a plane bound for the
United Arab Emirates on a forged passport. He had been on the loose
after fleeing Korea amid a probe in connection with the crypto debacle.
South
Korean prosecutors have sought the extradition of Kwon on allegations
related to the crash of Terraform Labs' TerraUSD and Luna coins in May
2022. The crash was estimated to have wiped out nearly 50 trillion won
($37 billion) in market value.
