Montenegro Court Approves Extradition of Do Kwon

Montenegro court approves the extradition of Do Kwon; decision awaits after his prison term for document forgery.

In a recent development concerning the Terra founder Do Kwon, a court in Podgorica, Montenegro’s capital, has sanctioned his extradition. This decision follows Kwon’s arrest at Podgorica’s airport in March, where authorities apprehended him with forged documents. The Montenegrin Justice Minister now holds the pivotal role in determining whether Kwon will face extradition to the United States or South Korea.

Do Kwon, a prominent figure in the cryptocurrency industry, has been under intense scrutiny following the dramatic collapse of terraUSD last year. Furthermore, this incident triggered investigations and multiple fraud charges against him. U.S. federal prosecutors have pressed multiple fraud counts, augmenting the civil charges Kwon already faces in the United States. Additionally, South Korean authorities are conducting their own investigation into the terraUSD debacle.

Terra Saga Continues

Kwon’s current legal predicament in Montenegro involves a four-month prison sentence for document forgery. This sentence was recently confirmed by the Montenegro High Court, which dismissed an appeal by Kwon and his associate Han Chang-Joon. Post serving this sentence, Kwon’s fate hinges on the decision of the Montenegrin Justice Minister, who will decide his extradition.

The Terra saga also implicates Daniel Shin, the co-founder of Terraform Labs. Shin faced indictment in South Korea this April for violations of capital markets law, with prosecutors seizing $185 million of his assets. Despite these charges, Shin maintains his innocence, claiming his departure from the company two years before its collapse absolves him of responsibility.

This unfolding story around Do Kwon and Terraform Labs highlights the volatile nature of the cryptocurrency market and the increasing scrutiny of its key players by global legal systems. The decision on Kwon’s extradition will be a significant milestone in this high-profile case, demonstrating the growing intersection of technology, finance, and law in the digital age.