Montenegro Confirms Do Kwon Will Be Extradited To The US

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As a seasoned crypto investor who has seen my fair share of market volatility and regulatory turmoil, I must say that the decision to extradite Do Kwon to the US is a significant turning point. The legal saga surrounding Terra Luna’s founder has been a rollercoaster ride for many in our community, with the standoff between the US and South Korea adding an extra layer of intrigue.

It was confirmed that Montenegro will not honor South Korea’s request to extradite Do Kwon, meaning he will instead be extradited to the United States, as the founder of Terra Luna.

The move potentially ends a legal saga and a standoff between the US and South Korea over competing extradition demands for Do Kwon. 

Do Kwon To Be Extradited 

Bojan Bozovic, Montenegro’s Justice Minister, gave the green light for the extradition of Do Kwon to the United States. This move follows a court ruling and thorough legal examination that lasted more than a year. According to the Montenegrin Supreme Court, both the US and South Korea have satisfied the necessary legal criteria for extradition.

“JUST IN: Terra Luna Founder Do Kwon to be extradited to the United States.”

In March 2023, business partners Do Kwon and Han Cheng Jun were apprehended at Podgorica airport while attempting to depart towards Dubai with fake passports. Previously, Kwon had also spent four months in a Montenegrin prison due to charges related to forged documents. The Ministry of Justice of Montenegro made this statement:

“The Ministry of Justice examined all the facts and circumstances, including the severity of the crimes, the jurisdiction of the offenses, and the extradition requests. Most criteria favored the US request. Most criteria envisaged by the law are in favor of the extradition demands from the institutions of the United States of America.”

Bozovic decided on Friday but did not specify when the handover would happen. 

The Charges Against Do Kwon 

As a researcher, I am following the ongoing legal situation involving Do Kwon, the co-founder of TerraUSD stablecoin. Last year, the US Attorney’s office in Manhattan charged him with fraud over the collapse of TerraUSD in 2022, which resulted in losses amounting to an astounding $40 billion and the downfall of several notable crypto companies. However, the US authorities’ stance on Montenegro’s decision regarding this case remains undisclosed.

In a court decision, Terraform Labs and Do Kwon were held responsible for fraud charges after a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC). After the trial’s conclusion, Terraform Labs consented to pay $4.5 billion to settle the case with the SEC.

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2024-12-28 14:08