Do Kwon, the founder of Terraform Labs, is facing extradition to the United States after being arrested in Montenegro. The Justice Minister of Montenegro, Andrej Milovic, has refused to send him back to his home country, South Korea. This decision is seen as a victory for US law enforcement authorities. Kwon is wanted in connection with the collapse of the Terra ecosystem, which caused a loss of around $60 billion in the cryptocurrency market.
Kwon was arrested in March 2023 in Montenegro for attempting to travel with fake documentation, including a forged Costa Rican passport. In June, a Montenegro district court found Kwon guilty and sentenced him to 4 months in jail, along with his colleague, Han Chang-joon, the former Chief Financial Officer of Terraform.
Recently, a Montenegrin court approved Kwon’s extradition, but the decision of whether to send him to South Korea or the United States was left to Justice Minister Andrej Milovic. Kwon has appealed against the ruling and filed a motion to overturn the decision. The Montenegrin Ministry of Justice has until December 15 to make a final decision on Kwon’s fate.
South Korea has also requested Kwon’s extradition to prosecute him on criminal charges related to the collapse of Terra Luna. In addition, federal prosecutors in the Southern District of New York have filed eight fraud charges against Kwon, and the Securities and Exchange Commission (SEC) has also filed charges against him and his company.
While there are suggestions that Justice Minister Milovic has already made up his mind, it is unlikely that he will announce his decision before the deadline.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇲🇪 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Han Chang-joon, Andrej Milovic, Do Kwon, None |
| Companies | Terra, Terraform Labs, Montenegro district court, Montenegrin Ministry of Justice, High Court of Podgorica |
| Currencies | US Dollar |
| Securities | None |
