Terra founder Do Kwon’s legal team in Montenegro has launched a vigorous defense against extradition. The lawyers argue that the court decision contains erroneous legal interpretations. Meanwhile, the Supreme Court of Montenegro overturned a previous ruling on procedural irregularities. Elsewhere, the US SEC is seeking large fines against Terraform Labs and Do Kwon for defrauding investors.
Terra founder’s legal battle in Montenegro
As you have been following from Kriptokoin.com, Terra co-founder Do Kwon is currently facing extradition requests from both South Korea and the United States. Recently, his legal representatives in Montenegro appealed the decision of the Podgorica High Court. The court had opened the door for Kwon’s extradition to both countries. Kwon’s lawyers launched a vigorous defense against the extradition order. The defense team argues that the court’s decision lacks a sound legal basis. In fact, they argue, it is unlawful. The core of their argument revolves around the claim that the court’s interpretation of the legal provisions is flawed and questionable.
This claim raises significant concerns about the potential political influence on the extradition process. It also raises the possibility that the court’s decision may have been driven by external factors rather than an objective assessment of the case. Do Kwon’s legal representatives are demanding a fair and impartial assessment of the extradition case. While the legal battle continues, the location of Kwon’s extradition remains unclear. The country’s justice minister will make that decision.
Do Kwon and Terraform Labs face a $5 billion fine
The US SEC has demanded billions of dollars in disgorgement and civil penalties from Do Kwon and Terraform Labs, the team behind Terra Luna and UST tokens. The SEC is seeking approximately $4.7 billion in damages from Terraform Labs and Do Kwon. It is also seeking a total of $520 million in civil penalties. In total, the SEC is seeking over $5 billion in penalties for Do Kwon and Terraform Labs.
Meanwhile, a jury found Terraform and Do Kwon guilty of defrauding investors on April 5. The SEC recommended that Kwon be barred from serving as an officer or director and that his accounts be fully disclosed. It is possible that Terraform could face a conduct-based injunction. The SEC says Terraform and Kwon have shown no remorse for their actions. It also argues that there is potential for further violations. Therefore, the SEC is asking the court to send a message that such audacious misconduct will not be tolerated.
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