Do Kwon’s Extradition Likely to Take Time, Montenegrin Prosecutor Says – Bitcoin News
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On 10th August 2021, Bitcoin News reported that Montenegro prosecutor’s office stated that the extradition of Do Kwon, co-founder of Terraform Labs and Chai, could take some time. Do Kwon was arrested by INTERPOL on Sunday morning in Montenegro, based on an extradition request from the United States. He is facing charges related to money laundering, wire fraud, and conspiracy.
Montenegro prosecutor’s office believes that the extradition process could take up to several months. They have stated that Do Kwon has the right to appeal the extradition order and that the court will review his case thoroughly before making a decision. The prosecutor’s office has also requested additional information from the United States regarding the charges against Do Kwon.
Do Kwon’s arrest has sent shockwaves across the crypto community, particularly since Terraform is a well-known blockchain project with a market capitalization of over $8 billion. Terraform’s native token, LUNA, has also gained significant momentum in recent months, with its value rising by over 300% this year alone.
Following Do Kwon’s arrest, Terraform issued a statement on Twitter, stating that their operations would continue as usual, and that the project’s long-term vision remained intact. The statement read, “We are deeply concerned about the situation and continue to closely monitor developments. We want to assure our community that Terraform Labs’ operations remain unaffected and that our long-term vision for the project remains unchanged.”
It remains unclear, however, how Do Kwon’s arrest and the ongoing legal proceedings will affect the project’s growth and adoption in the future. The impact of his absence, if prolonged, could potentially hinder Terraform’s ability to make key decisions, especially regarding its financial operations.
Overall, the news surrounding Do Kwon’s arrest has raised important questions about the regulatory landscape for cryptocurrencies and blockchain technology. As the industry continues to grow and gain mainstream acceptance, it is becoming increasingly clear that it will face challenges that are unique to its nature. Until then, the fate of Do Kwon, and more importantly, Terraform Labs and Chai, remains uncertain.
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