Montenegro Court Decides on Extradition of Do Kwon, the Embattled Crypto Tycoon

2 views 9:48 am 0 Comments December 6, 2023

Montenegro’s Legal Move on Crypto Entrepreneur Do Kwon’s Extradition

In a significant legal development, Montenegro’s court has ruled in favor of extraditing cryptocurrency entrepreneur Do Kwon. This decision places the final say in the hands of a minister, tasked with determining whether Kwon will be transferred to South Korea or the United States. Both countries have expressed a keen interest in his extradition, stemming from charges against him.

The Controversial Case of Do Kwon and International Legal Implications

Do Kwon, facing multibillion-dollar fraud charges in the U.S., along with an associate, was previously sentenced to four months in prison for using forged passports. Upon their arrest, authorities discovered altered Costa Rican passports, a set of Belgian passports, and various electronic devices. The High Court in Podgorica announced that Kwon consented to extradition to South Korea, but the final decision rests with the justice minister due to requests from multiple countries. Kwon will remain in Montenegro until he completes his sentence for document forgery.

The Turbulent Journey of Terraform Labs’ Founder

Kwon, a South Korean national, was the CEO of Terraform Labs, the company behind the infamous stablecoin TerraUSD. Its collapse in May 2022 had a tumultuous effect on the cryptocurrency market. Kwon’s arrest occurred as he attempted to leave Montenegro for Dubai with Terraform Labs’ former finance officer, Han Chang-joon. Following his detainment, the U.S. District Court in Manhattan unveiled an eight-count indictment, including charges of securities fraud and conspiracy. This recent court decision in Montenegro marks another chapter in Kwon’s complex legal saga, reflecting the growing scrutiny and regulatory challenges faced by the cryptocurrency sector.