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LUNA’s Founder Do Kwon Extradited to the U.S. Following Legal Setbacks in Montenegro
In a sudden turn of events, the Ministry of Justice in Montenegro has announced that Do Kwon, the founder of LUNA, is set to be extradited to the United States to face federal fraud charges. This decision comes on the heels of a series of legal setbacks for Kwon in Montenegro.
Kwon’s arrest occurred in March 2023 when he was apprehended in Montenegro while attempting to flee to Dubai with a forged Costa Rican passport. He is accused of orchestrating a massive Ponzi scheme involving the TerraUSD stablecoin, which ultimately led to over $40 billion in investor losses.
Despite initial efforts to extradite Kwon to South Korea, where he could face up to 40 years in prison if convicted, the Montenegrin Supreme Court intervened and overturned the decision. This unexpected turn of events has paved the way for Kwon’s transfer to the United States, where he will face federal fraud charges.
This development comes as a significant blow to Kwon, who had been fighting extradition efforts from both the U.S. and South Korea. The news is also a major victory for investors who were affected by the TerraUSD collapse, which had far-reaching consequences for the crypto market.
The implications of this decision are far-reaching and have significant repercussions for the LUNA community. With Terraform Labs now defunct, the focus has shifted to Binance, an exchange that will play a crucial role in determining the future growth strategy of the Terra Classic community.
As Kwon prepares to face charges in the United States, investors are left wondering what this means for the LUNC burn tax rate and its potential impact on token burns. The increased burn tax rate was voted upon by the community to accelerate token burns and enhance its value.
The crypto market is closely watching this development, as it has significant implications for the future of the Terra Classic project.
Source: www.crypto-news-flash.com
