In a pivotal turn of events, Montenegrin Justice Minister Bojan Božović has granted permission for the extradition of Do Kwon, co-founder of Terraform Labs, to the United States. This landmark decision, reported by the Montenegrin newspaper Vijesti on Friday, concludes a protracted legal saga involving competing extradition requests from both the U.S. and South Korea, each seeking to bring Kwon to justice.
Legal Proceedings and Considerations
The Montenegrin Supreme Court previously established that the legal criteria necessary for Kwon’s extradition had been met. After carefully reviewing the requests from both countries, the court’s decision empowered Minister Božović to consider various factors in determining which extradition request should take precedence.
The Montenegrin Department of Justice detailed that, in light of the Supreme Court’s ruling, they took multiple elements into account. This included the seriousness of the alleged crimes, the locales of these offenses, the timeline of the requests, Kwon’s nationality, and the practicality of any further extradition to other jurisdictions, among other relevant considerations.
U.S. Extradition Requested
After this thorough assessment, authorities concluded that the U.S. extradition request met most of the legal conditions, prompting Minister Božović to favor America’s appeal while denying that of South Korea.
Do Kwon has come under intense scrutiny from government officials in both the United States and South Korea due to his role in a major cryptocurrency market crash. In May 2022, the implosion of TerraUSD and Luna, two cryptocurrencies associated with Kwon, triggered losses nearing $40 billion and led to widespread bankruptcies in the crypto sector.
Current Status of Do Kwon
Allegations against Kwon suggest that he misled investors and may have concealed significant assets related to the collapse of TerraUSD and Luna. Kwon, along with Han Chang-joon, the former financial officer of Terraform Labs, was arrested at Podgorica airport on March 23 of the previous year. They were caught attempting to flee to Dubai using fake passports. Following this, Kwon served four months in a Montenegrin prison, which only heightened calls for his extradition from both U.S. and South Korean authorities.
Upon his release from Spuž Prison on March 23, Kwon was handed over to immigration officials, where he faced a marathon five-hour interrogation. Currently, he resides in an Immigration Center, awaiting the final arrangements for his extradition.
As of now, the trading price for Terra Luna Classic (LUNC) is $0.00011565.
Source: Bitcoinist
