Do Kwon’s constantly shifting extradition case is being sent back to the Montenegrin High Court where it will be determined whether an extradition policy formed in 1901 between the United States and the Kingdom of Serbia is still applicable. This is according to Montenegrin media.

Montenegro wasn’t a part of the Kingdom of Serbia when the treaty was signed, but later unified with the country in 1918. It’s unclear how international and local Montenegrin law will interpret this more-than-a-century-old legal standard.

Read more: Montenegro PM Milojko Spajić may have met with Do Kwon, report

Do Kwon in extradition limbo

Currently on supervised release in Podgorica, the crypto Ponzi schemer who was caught trying to flee to Dubai in March of 2023, is in a constant state of limbo. He’s been sent back and forth between jails, immigrant camps, and random homes in Montenegro, and has seen the decision to extradite him overturned on numerous occasions.

The issue of where he’ll eventually be extradited to has never been resolved.

Hopefully, when the High Court comes to its decision, it will be final, and Do will finally be sent off to be tried in the Republic of Korea or the United States.

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The post Montenegro court set to decide on Do Kwon extradition… again appeared first on Protos.

South Korean officials traveled to Serbia earlier this month as they stepped up their pursuit of elusive former Terra chief Do Kwon.

As reported by Bloomberg, the delegation included a member of Seoul’s prosecutors’ office and a senior Justice Ministry official.

It’s thought they traveled to the Balkan state to seek help in catching up to the crypto-boss-turned-fugitive. Kwon has been on the run since the Terra (LUNA) ecosystem imploded in May last year, taking a raft of digital assets and crypto-related organizations with it.

South Korean authorities issued an arrest warrant just four months later but by then, Kwon was already long gone.

Serbia is the perfect place to lie low

In December, multiple reports claimed that Kwon had been spotted in Serbia. And, as previously reported by Protos, that’s a location that makes perfect sense.

Serbia is one of four countries that border Kosovo — which just happens to be one of the only places without representation at Interpol. The organization issued a red notice for Kwon just two weeks after South Korea’s arrest warrant.

Serbia and South Korea have signed no extradition treaty but they have both agreed to the European Convention on Extradition – meaning that Kwon could be handed over by Serbia. Despite this, things could still get complicated.

Read more: What could Terra founder Do Kwon be getting up to in Serbia?

Seung Jae-Hyeon, researcher at the Korea Criminal Justice Policy Institute, said in December: “Extraditions need to be mutually beneficial. Serbia is still an unprecedented nation in this regard.

“If there is no incentive for Serbia, South Korea will need to exercise public power to secure extradition. It seems that it will be difficult to extradite [Kwon] in a short period of time.”

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The post Top South Korean officials follow fugitive Do Kwon to Serbia appeared first on Protos.

Korean prosecutors investigating a case of fraud linked to the collapse of stablecoin protocol LUNA and its sister-asset TerraUSD (UST) have raided seven crypto exchanges in the country, reports Yonhap News Agency.

Authorities from the Seoul Southern District Prosecutors Office swooped on Coinone, Upbit, Bithumb, and four local exchanges, as well as homes and offices of related suspects on Wednesday.

Investigators seized transaction records and “other materials” in a bid to uncover whether the coin’s demise was in fact caused intentionally by Terraform Labs (TFL)  CEO Do Kwon.

UST and Luna investors filed complaints against Kwon, whose tax records were seized by investigators last month, and TFL co-founder Daniel Shin back in May. They want answers about the billions of won lost when both coins went under.

Korean authorities say they’ll examine the seized materials and question witnesses before making a decision.

UST may be dead but the legal issues just keep coming

The controversies and legal wranglings surrounding the protocol’s spectacular implosion continue to stack up.

Back in June, Binance US and its CEO Brian Schroder were hit with a class-action lawsuit by a group of investors who claimed the exchange falsely advertised UST as “safe.”

At around the same time, rumors started to swirl that Kwon had used Abracadabra’s Degenbox protocol to cash out somewhere in the region of $3 billion in crypto in the run-up to the coins’ collapse.

And also in June, Kwon, along with a number of crypto companies, including Terraform Labs, Three Arrows Capital, and Jump Crypto, were targeted by another lawsuit claiming they broke federal securities laws and lied to investors about the tokens’ stability.

Read more: Terra team held in South Korea as Do Kwon named in securities lawsuit

Specifically, it’s alleged that the defendants failed to register LUNA and UST as securities with the SEC, made a series of misleading statements to lure investors into buying at inflated rates, and fraudulently claimed that reserves were sufficient to “defend the peg” and maintain interest payments.

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The post Upbit, Bithumb among Korean crypto exchanges hit in Terra fraud raid appeared first on Protos.