Illegal currency exchange using cryptocurrencies in South Korea reached 1.454 trillion won last year, and Do-hyung Kwon has appealed the extradition decision of a Montenegrin court.

Terraform Labs (TFL) founder Do-Hyung Kwon has appealed a Montenegrin court's decision to extradite him. Kwon's lawyer told CoinDesk: "The Montenegrin court approved the extradition of Kwon Do-hyung on March 29 (local time), but we have appealed the decision again and are waiting for a new decision. The decision seriously violates the European Convention on Extradition and the extradition rules of the United States and other countries. Political pressure also appears to have influenced the Montenegrin court's decision, all of which is unfavorable to the defendant."

Meanwhile, South Korea's Maeil Business Daily reported that cryptocurrency converters accounted for 80 percent of all illegal foreign exchange transactions last year. According to the MK, illegal foreign exchange transactions detected last year amounted to 1.862 trillion won, of which 1.529 trillion won was currency conversion and 1.454 trillion won was virtual asset conversion, accounting for 80 percent of all foreign exchange crimes and 95 percent of currency conversion. The proportion of currency conversions involving virtual assets has been increasing over the years. The proportion of crypto assets in the total amount of currency conversion detected increased from 68% in 2021 to 91% in 2022, and rose to 95% last year.