In a significant twist in the legal saga involving Do Kwon, the founder of Terraform Labs, Montenegro’s Minister of Justice, Bojan Božović, has authorized his extradition to the United States instead of South Korea. This decision surfaces amidst the tug-of-war between the two countries, both vying for Kwon’s extradition following the disastrous collapse of the Terra/Luna stablecoin system in 2022—a fiasco that also led to the fall of high-profile entities such as FTX.
Background on Kwon’s Arrest
Kwon was apprehended in Montenegro in March 2023, primarily for passport forgery, and he has spent the past year battling extradition efforts. The Montenegrin courts exhibited indecision, weighing the merits of U.S. and South Korean claims at different times. Ultimately, Minister Božović revealed that the recent ruling from Montenegro’s Supreme Court played a pivotal role in the decision, confirming that all criteria for extradition had been met.
Factors Influencing Extradition
In his statement, Božović elaborated on the considerations that guided the Ministry of Justice. They took into account the seriousness of Kwon’s alleged actions, where the offenses occurred, the chronology of the extradition requests, Kwon’s nationality, and the possibility of him being sent to another country afterward.
Ongoing Legal Developments
This latest development adds another layer to Kwon’s ongoing legal battle, particularly after a ruling in early August from Montenegro’s Appellate Court leaning towards Singapore for his extradition. Meanwhile, back in the U.S., recent news revealed that the Securities and Exchange Commission reached a settlement with Tai Mo Shan, a subsidiary of Jump Crypto, addressing allegations regarding the sale of LUNA as a security. The settlement came with a hefty price tag of $123 million.
To sum up, the Montenegrin government’s decision to extradite Do Kwon to the United States illustrates the intricate dance of international legal proceedings in high-stakes financial situations. As the case unfolds, it highlights the complexities that arise when financial mishaps cross borders and lead to intricate legal battles.
Source: Coindesk
