Policy & Regulation

Montenegrin Minister orders Do Kwon’s US extradtion

Published

1 year ago

December 28, 2024

DCS Team

Credit : cryptonews.net

Justice Minister Bojan Božović accredited the extradition of Terraform Labs founder Do Kwon to the US.

Montenegrin Justice Minister signed an order handy Do Kwon over to US authorities as a substitute of his residence nation South Korea, native media Vijesti reported.

Each governments have been investigating Kwon and preventing for his extradition in reference to the $60 billion Terra-Luna fiasco.

In 2022, Kwon’s Terra blockchain imploded, destroying a plethora of over-indebted crypto corporations. The chapter avalanche engulfed corporations like Three Arrows Capital, BlockFi and even FTX.

Kwon fled because the crypto market despair deepened, and Interpol issued a Purple Discover warrant for his arrest.

You may additionally like: Terraform Labs settles SEC lawsuit for $4.47 billion

The Terraform co-founder reportedly hid in Serbia, crossed into Montenegro and tried to fly to Dubai utilizing solid passports.

Earlier than Kwon and Han Chang-joon, Terraform Labs’ former chief monetary officer, may board a non-public airplane at Podgorica airport, police in Montenegro’s capital arrested the pair.

They have been jailed for 4 months whereas U.S. and South Korean federal prosecutors fought within the background for extradition rights.

The choice forged doubt on each governments, as a number of courts in Montenegro rejected extradition orders a number of instances. Goran Rodić, Do Kwon’s lawyer within the Balkans, has additionally repeatedly challenged extradition orders. On December 25, the Constitutional Courtroom of Montenegro rejected Kwon’s newest enchantment.

Kwon’s firm Terraform Labs agreed to stop operations and negotiate the biggest settlement wonderful in Securities and Trade Fee historical past: $4.47 billion.

READ BlockFi Judge Urged to Approve $13 Million Settlement as Last Objector Withdraws

It’s unclear whether or not Rodić will problem Minister Božović’s order to extradite Kwon to US territory, the place he’ll possible be prosecuted for the collapse of Terra.

South Korean authorities even have an ongoing Terra case. If Kwon is discovered responsible of violating native market guidelines, the utmost penalty can be 40 years in jail.

Learn extra: Information Montenegro court docket rejects Terra Do Kwon’s extradition enchantment: report