According to a report by Bloomberg citing officials of prison, Do Kwon the Co-Founder of Terraform Labs Do Kwon was freed from Montenegro's prison on Saturday while the Supreme Court considers South Korea's and the United States' requests for extradition.
A top prosecutor of Montenegro challenged Do Kwon's recent ruling mandating his extradition to South Korea.
It was revealed last week that the Montenegrin Supreme State Prosecutor's Office is taking the case to the Supreme Court for review on the grounds that mistakes were committed.
In March 2023, Do Kwon was arrested for using a fake passport from Costa Rica to travel to Dubai.
The architect behind the failed crypto project TerraUSD stablecoin is Do Kwon which was launched in 2022. TerrraUSD was pegged algorithmically 1:1 to the US dollar designed to be a utility token on the blockchain as a stablecoin.
TerraUSD lost its pegging which also resulted in the collapse of LUNA, the sister token of Terra. The authorities of the United States and South Korea went after Do Kwon who reportedly escaped to Singapore in order to avoid from opening his fraud charges by the prosecutors of South Korea.
Later, Do Kwon was apprehended in Montenegro and sentenced to imprisonment of four months after being caught trying to escape using a fake passport from Costa Rica.
Kwon, who refuted the accusations, asserted that there was no criminal activity involved in the $40 billion collapse of the Terra ecosystem and that it was the product of market forces.
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