Terraform Labs Founder Do Kwon Challenges Extradition Ruling, Plans to Appeal

Terraform Labs Founder Do Kwon Challenges Extradition Ruling, Plans to Appeal

Terraform Labs Founder Do Kwon Challenges Extradition Ruling, Plans to Appeal

According to a previous report by Zombit, Do Kwon, the co-founder of Terraform Labs, the developer of Terra blockchain, will be extradited to the United States to face fraud charges related to the catastrophic losses caused to US investors by the algorithmic stablecoin TerraUSD (UST).

However, Bloomberg pointed out in its latest report that Do Kwon seems to intend to appeal the ruling of the Montenegrin court. Do Kwon’s lawyer, Goran Rodic, confirmed to the media yesterday that they plan to appeal the ruling in order to overturn it. He claimed that the court failed to properly assess the facts of the case and believes that this ruling will not be upheld in the appellate court and will be unsuccessful, just like the previous two attempts.

As for why Do Kwon is so determined to return to South Korea, besides it being his home country, another reason is the difference in punishment between the two countries. In South Korea, the maximum sentence for economic crimes is about 40 years, but the United States does not have such a limitation. Experts speculate that Do Kwon could potentially be sentenced to over 100 years of imprisonment for financial fraud in the United States.