As a seasoned crypto investor who has witnessed the rise and fall of numerous projects, I can’t help but feel a mix of emotions as the Do Kwon extradition saga unfolds. On one hand, I’m relieved that justice seems to be moving forward, especially considering the devastating impact Terra’s collapse had on the market and countless investors.
According to local Montenegrin news outlets, the extradition process for Do Kwon could potentially be concluded as early as this coming Sunday, October 19th.
It’s been reported that the Montenegrin government has made a decision about where to send Terraform Labs co-founder and cryptocurrency fugitive Do Kwon for extradition. This was shared by Minister of Justice Bojan Božović with members of the press on October 17th.
Over the weekend, I anticipate signing off on documents pertaining to Kwon’s extradition. Although it seems like Kwon is set to leave Montenegro, his next stop still remains a mystery to me.
Previously, Kwon was a notable personality within the cryptocurrency sector, as he was the one who initiated the successful blockchain network called Terra. The platform’s two tokens – TerraLuna and TerraUSD – drew significant attention from experienced investors like GCR, with bets totaling millions of dollars being placed on them.
In simple terms, everything fell apart in May 2022, only a few months following the peak of the crypto market at the end of 2021. The platform Terra along with its two associated cryptocurrencies crumbled, resulting in losses amounting to approximately $60 billion for both retail and institutional investors.
In simpler terms, when the cryptocurrency market started struggling following Terra’s downfall, which led to several bankruptcies, Kwon chose to elude authorities. Companies such as Three Arrows Capital and FTX faced tremendous financial stress due to a severe liquidity shortage, while Kwon was on the run in Europe.
Following a worldwide search due to an Interpol red alert and heightened attention, Kwon was taken into custody in the capital city of Montenegro, Podgorica. The previous head of Terra was detained for using fake travel papers as he tried to get on a private jet bound for the United Arab Emirates.
It was determined that Kwon, who had been concealed in Serbia prior to trying to enter the Middle East, received a prison sentence of approximately six months due to being convicted of forgery.
A legal battle over extradition took place between the United States and South Korea regarding Kwon’s case. Both countries had their turn to gain extradition rights through various court rulings, but ultimately, a higher court reversed earlier decisions.
After serving my time in prison, I found myself under supervision, waiting for a verdict from the Ministry of Justice. In the meantime, my company reached an unprecedented $4.47 billion settlement with the Securities and Exchange Commission. Additionally, Terra, our business, agreed to dismantle operations and liquidate its assets.
Read More
Sorry. No data so far.
2024-10-17 22:43