Montenegrin Minister orders Do Kwon’s US extradtion

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As an analyst with years of experience navigating the complexities of global finance and legal systems, I find myself both intrigued and concerned by the recent developments surrounding Do Kwon, the elusive founder of Terraform Labs. The saga of Kwon’s extradition from Montenegro to the United States is a fascinating study in international diplomacy and the pursuit of justice.

In simpler terms, Minister Bojan Božović authorized the handover (or extradition) of Terraform Labs’ founder, Do Kwon, to the U.S. authorities.

As an analyst, I’m reporting that I have learned from local media Vijesti that I, personally, have witnessed the Montenegrin Justice Minister taking action by signing an order transferring custody of Do Kwon to U.S. authorities, rather than his home country South Korea.

Both governments have looked into Kwon’s case and have been trying to bring him back due to the $60 billion issue with Terra-Luna.

2022 saw the collapse of Kwon’s Terra blockchain, leading to the downfall of numerous cryptocurrency companies that were heavily indebted. This financial domino effect led to bankruptcies at firms such as Three Arrows Capital, BlockFi, and even FTX.

Kwon left as the cryptocurrency market’s downturn deepened, with Interpol issuing a ‘Red Alert’ for his apprehension.

According to reports, the co-founder of Terraform is said to have sought refuge in Serbia, illegally entered Montenegro, and unsuccessfully tried to fly to Dubai with fake travel documents.

Prior to Kwon and Han Chang-joon, the ex-finance officer of Terraform Labs, stepping onto a private jet at Podgorica airport, authorities in Montenegro’s capital city apprehended them.

For a period of four months, they remained imprisoned as both U.S. and South Korean authorities negotiated over who would have the right to extradite them behind the scenes.

The choice regarding extradition fluctuated between both governments, as courts in Montenegro frequently overturned extradition decrees. Goran Rodić, Do Kwon’s legal representative in the Balkans, consistently challenged these extradition orders. However, on December 25th, Montenegro’s Constitutional Court declined Kwon’s most recent appeal.

Kwon’s firm, Terraform Labs, consented to shut down its operations, marking a record-breaking $4.47 billion penalty, the largest ever imposed by the Securities and Exchange Commission (SEC).

There’s some doubt about whether Rodić intends to contest Minister Božović’s decision to extradite Kwon to American soil, as he might face charges there related to the collapse of Terra.

South Korean legal officials are still investigating the Terra case, and if Do Kwon is found responsible for violating local trading regulations, he could face up to 40 years in prison as the highest possible punishment.

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2024-12-27 18:16