Montenegro’s Minister of Justice, Bojan Božović, has signed an order to extradite Terraform Labs co-founder Do Kwon to the US.
Montenegro’s Supreme Court docket just lately decided that every one authorized situations for Kwon’s extradition had been met. Following this ruling, the Ministry of Justice evaluated the competing requests and concluded that the US request favored probably the most authorized standards.
Minister Božović subsequently signed the decree approving Kwon’s extradition to the US, denying South Korea’s request.
In a press release, the Justice Ministry outlined its reasoning, noting elements such because the severity of the alleged crimes, the placement of their fee, the timing of the requests, and Kwon’s citizenship.
The choice comes after months of authorized deliberation and competing extradition requests from each the US and South Korea. Just lately, Montenegro’s Constitutional Court docket unanimously rejected Kwon’s enchantment to keep away from extradition, alleging authorized points.
Kwon’s authorized crew has raised considerations about extradition, claiming that the Montenegrian justice system violated his basic rights by refusing to resolve on their requests, infringing on their consumer’s rights to protection and authorized treatment.
Probably finish of a prolonged battle
Kwon faces vital authorized challenges within the US. In February 2023, the US Securities and Alternate Fee (SEC) filed a lawsuit towards Kwon and Terraform Labs, alleging they misled buyers in regards to the stability of TerraUSD and the usage of Terraform’s blockchain know-how in a preferred Korean cell cost app.
One month later, authorities apprehended Kwon whereas trying to journey from Montenegro utilizing a counterfeit passport.
Authorities have charged him with varied offenses associated to the collapse of TerraUSD and Luna tokens, which brought on roughly $40 billion in losses. Moreover, in June, a US court docket fined Kwon $4.5 billion after failing to settle the civil lawsuit with the SEC.
In the meantime, South Korea has additionally signaled a powerful curiosity in prosecuting Kwon. The Appellate Court docket beforehand upheld a choice to prioritize South Korea’s extradition request over the US.
Nonetheless, former Montenegrian Justice Minister Andrej Milović argued that Prime Minister Milojko Spajić used the extradition as leverage for a 30-year concession for the nation’s airports with South Korea.
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