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Crypto, crypto exchange, terra, Bitcoin

Montenegro Extradites Do Kwon: Authorities Hand Terra Founder Over To The FBI

Rubmar Garcia
by Rubmar Garcia
9 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On New Year’s Eve, Montenegro authorities announced that Terraform Labs co-founder Do Kwon was extradited to the United States. The development comes after the Minister of Justice signed the order for his extradition, concluding the prolonged battle between the US and South Korea to bring the crypto entrepreneur to trial.

Related Reading: Bitcoin ETFs See End-of-Year Bleeding With $387 Million Weekly Outflows

Terraform Labs Founder Handed Over To US Authorities

On December 31, Montenegro extradited Do Kwon to the United States to face trial over his role in Terraform Labs’ collapse in 2022. As reported by The Korean Herald, the country’s interior ministry announced the end of the extended extradition saga in a statement on Tuesday morning.

According to the report, Do Kwon was “handed to the competent law enforcement authorities of the United States of America and agents of the Federal Bureau of Investigation (FBI)” to face “criminal proceedings in the US for crimes of conspiracy to commit fraud.”

Last 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. Both countries sought his extradition for over a year, resulting in a prolonged legal saga to bring the once-influential crypto mogul to trial.

As local news reported, “The Department of Justice has considered all the facts and circumstances and assessed criteria” and concluded that the Terraform Labs co-founder should be extradited to the US.

Given the above, it was concluded that most of the criteria provided for by law support the extradition request of the competent authorities of the United States of America, and the Minister of Justice has issued a decision allowing the extradition of Kwon Do Hyeong to the United States of America, while at the same time refusing extradition to the Republic of Korea.

Reportedly, Do Kwon’s Montenegrin lawyers criticized the Minister of Justice’s decision and announced they would “appeal to the country’s constitutional court and to the European Court of Human Rights.”

Do Kwon’s Montenegro Saga

The South Korean entrepreneur was under Montenegro’s custody for over a year and a half. In March 2023, authorities detained him alongside Terraform Lab’s former finance officer, Han Chang-joon, for attempting to use falsified travel documents at the Podgorica airport.

Before his arrest, he had been on the run for months, fleeing his home country and Singapore before Terraform Labs went bankrupt. The company’s downfall was one of the biggest collapses in crypto history, wiping out “around $50 billion worth of the network’s two asset offerings, TerraUSD (UST) and Luna (LUNA), in the span of a week,” detailed the Federal Reserve Board in a paper.

Do Kwon was then sentenced to four months in prison in Montenegro, later receiving an extra two months at the request of the US and South Korea. Upon release, he was escorted to an immigration center to await the Montenegro High Court’s decision on the extradition requests.

Related Reading: Vietnam Cracks Down on $1 Million Crypto Scam, Saving Hundreds from Financial Ruin

Terra, LUNC, LUNCUSDT

Terra Luna Classic (LUNC) is trading at $0.000111 in the one-week chart. Source: LUNCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Rubmar Garcia

Rubmar Garcia

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Rubmar is a crypto enthusiast who likes learning and improving constantly. She enjoys reporting on the latest news and developments in the crypto industry. Rubmar also enjoys scrapbooking, crafting, simulation games, and watching football.

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