On New 12 months’s Eve, Montenegro authorities introduced that Terraform Labs co-founder Do Kwon was extradited to the US. The event comes after the Minister of Justice signed the order for his extradition, concluding the extended battle between the US and South Korea to carry the crypto entrepreneur to trial.
Terraform Labs Founder Handed Over To US Authorities
On December 31, Montenegro extradited Do Kwon to the US to face trial over his position in Terraform Labs’ collapse in 2022. As reported by The Korean Herald, the nation’s inside ministry introduced the top of the prolonged extradition saga in a press release on Tuesday morning.
In line with the report, Do Kwon was “handed to the competent legislation enforcement authorities of the US of America and brokers of the Federal Bureau of Investigation (FBI)” to face “prison proceedings within the US for crimes of conspiracy to commit fraud.”
Final week, Montenegro’s Minister of Justice, Bojan Božović, refused South Korea’s request and signed an order for Do Kwon’s extradition to the US. Each nations sought his extradition for over a 12 months, leading to a chronic authorized saga to carry the once-influential crypto mogul to trial.
As native information reported, “The Division of Justice has thought-about all of the information and circumstances and assessed standards” and concluded that the Terraform Labs co-founder ought to be extradited to the US.
Given the above, it was concluded that a lot of the standards offered for by legislation help the extradition request of the competent authorities of the US of America, and the Minister of Justice has issued a choice permitting the extradition of Kwon Do Hyeong to the US of America, whereas on the identical time refusing extradition to the Republic of Korea.
Reportedly, Do Kwon’s Montenegrin legal professionals criticized the Minister of Justice’s resolution and introduced they might “enchantment to the nation’s constitutional court docket and to the European Court docket of Human Rights.”
Do Kwon’s Montenegro Saga
The South Korean entrepreneur was beneath Montenegro’s custody for over a 12 months and a half. In March 2023, authorities detained him alongside Terraform Lab’s former finance officer, Han Chang-joon, for making an attempt to make use of falsified journey paperwork on the Podgorica airport.
Earlier than his arrest, he had been on the run for months, fleeing his house nation and Singapore earlier than Terraform Labs went bankrupt. The corporate’s downfall was one of many greatest collapses in crypto historical past, wiping out “round $50 billion value of the community’s two asset choices, TerraUSD (UST) and Luna (LUNA), within the span of per week,” detailed the Federal Reserve Board in a paper.
Do Kwon was then sentenced to 4 months in jail in Montenegro, later receiving an additional two months on the request of the US and South Korea. Upon launch, he was escorted to an immigration middle to await the Montenegro Excessive Court docket’s resolution on the extradition requests.
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