On New Year’s Eve, Montenegrin authorities announced that Do Kwon, co-founder of Terraform Labs, had been extradited to the United States. This development comes after the Minister of Justice signed an extradition order, ending the long battle between the United States and South Korea to bring the crypto businessman to trial.
The founder of Terraform Labs has been extradited to US authorities
On December 31, Montenegro extradited Do Kwon to the United States to stand trial for his role in the collapse of Terraform Labs in 2022. I mentioned In a statement on Tuesday morning, the South Korean Ministry of the Interior announced the end of the extended extradition saga.
According to the report, Do Kwon “was handed over to the relevant law enforcement authorities in the United States of America and agents of the Federal Bureau of Investigation (FBI)” to face “criminal proceedings in the United States for the crimes of conspiracy to commit fraud.” “
Last week, Montenegrin Justice Minister Bojan Bozovic rejected South Korea’s request and signed an order to extradite Do Kwon to the United States. Both countries have sought his extradition for more than a year, leading to a lengthy legal saga to prosecute the once-influential cryptocurrency mogul.
As local news reported, “The Department of Justice considered all the facts and circumstances and evaluated the criteria” and concluded that the Terraform Labs co-founder should be extradited to the United States.
In view of the above, it was concluded that most of the criteria stipulated by the law support the extradition request submitted by the competent authorities in the United States of America, and the Minister of Justice issued a decision allowing the extradition of Kwon Do Hyung to the United States. The United States of America, while at the same time refusing to extradite criminals to the Republic of Korea.
Do Kwon’s lawyers from Montenegro reportedly criticized the Justice Minister’s decision and announced that they “will appeal to the country’s Constitutional Court and the European Court of Human Rights.”
The Epic of Do Kwon Montenegro
The South Korean businessman has been under Montenegrin custody for more than a year and a half. In March 2023, authorities arrested him alongside Han Changjun, the former chief financial officer of Terraform Lab, for attempting to use forged travel documents at Podgorica Airport.
Before his arrest, he had been on the run for several months, fleeing his homeland and Singapore before Terraform Labs went bankrupt. The company’s collapse was one of the largest in cryptocurrency history, wiping out “about $50 billion from the network’s two asset offerings, TerraUSD (UST) and Luna (LUNA), within a week,” the Federal Reserve said. In paper.
Do Kwon was then sentenced to four months in prison in Montenegro, and later received an additional two months at the request of the United States and South Korea. After his release, he was taken to an immigration center to await the decision of the Supreme Court of Montenegro on the extradition requests.
Terra Luna Classic (LUNC) is trading at $0.000111 in the one-week chart. Source: LUNCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
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