Do Kwon's US Extradition Confirmed as Terraform Labs Faces Liquidation and LUNC Burn Proposal Gains Momentum

Montenegro has approved Do Kwon’s extradition to the US, where the Terraform Labs founder will face fraud charges tied to the $40 billion collapse of LUNA and UST. Meanwhile, the LUNC community accelerates its burn efforts as Terraform Labs moves closer to liquidation.

Do Kwon Extradition Finalized After Years of Uncertainty

The extradition orders were reportedly signed by Bojan Bozovic, the Montenegrin minister of justice, according to a local media portal called Vijesti. This could finally put an end to the uncertainty that has surrounded the case since 2022.

Because of his involvement in the LUNA and UST token crashes, he will be charged with fraud in the US.

After the Constitutional Court of Montenegro denied the extradition appeal of the troubled entrepreneur, Do Kwon's extradition orders were approved. Notably, he was the target of international pressure after the token crash, which caused the crypto industry to lose more than $40 billion.

Montenegro Court and Ministry Weigh Key Factors in Extradition Decision

The ministry announced that it had studied the Supreme Court's decision as well as all relevant considerations and circumstances.

This is dependent upon the gravity of the case and the specific place where Do Kwon committed the charges, according to the update. According to the US and South Korean request sequence, the extradition order was also approved by the Justice Minister.

Political Controversies Surrounding Do Kwon’s Legal Saga

The political controversies surrounding Andrej Milovic, the former justice minister, have been sparked by this extradition process that has unfolded over the past few years.

Do Kwon may face a maximum sentence of forty years in prison in South Korea, despite his desire for extradition there. His potential sentence is uncertain due to his extradition to the United States, where he will face separate trials for each of his offenses.

LUNC Burn Proposal Gains Momentum Amid Terraform Labs Collapse

Cryptocurrencies like LUNC and USTC fell to all-time lows as a result of the aftermath of the Terraform Labs product suit's collapse. These coins are now part of a community-driven initiative and are showing signs of a bullish resurgence.

Coingape previously revealed that the Terra Classic community had a vote to increase the LUNC burn tax rate to 1.5 percent. The proposed change is an effort to hasten the burn rate and, by extension, the token's value.

Terraform Labs, parent company of LUNA, has also been ordered to dispose its assets by the bankruptcy court. The community is now depending on support from exchanges like Binance to determine the corporation's future growth trajectory, as the entity itself has now gone out of business.