Montenegro allows for extradition of former Terraform CEO to South Korea
On August 1, the Courtroom of Attraction of Montenegro upheld a choice to extradite Do Kwon to South Korea, denying the U.S. its extradition request and reportedly making a ‘remaining’ resolution.
Kwon, a South Korean nationwide, is implicated in a $40 billion crypto fraud linked to the collapse of the Terra cryptocurrencies. Kwon’s authorized saga started with the crash of TerraUSD and Luna in Could 2022, triggering vital investor losses.
Timeline of Do Kwon’s arrest
In March 2023, he was arrested in Montenegro whereas trying to journey with cast paperwork. He acquired a four-month jail sentence, throughout which a number of extradition requests from the U.S. and South Korea emerged.
The Montenegrin courts have issued a number of rulings on his extradition, initially deciding in favor of the U.S. Nevertheless, the choice was later overturned, favoring South Korea as a consequence of its earlier request and vital prices in opposition to Kwon, together with fraud and bribery.
In early March 2024, Montenegrin authorities even authorised sending the co-founder of Terraform Labs to South Korea.
Kwon’s authorized points lengthen past extradition battles. In April 2024, a New York jury discovered him and his firm, Terraform Labs, answerable for civil fraud, leading to a $4.5 billion settlement with the SEC. Regardless of the settlement, U.S. authorities proceed to pursue legal prices.
As Kwon awaits extradition to a shelter for foreigners close to Podgorica, time will inform if there are additional appeals or choices made.
RadioFreeEurope reporting helped with this information.
