Do Kwon Extradited: Terraform Labs Co-Founder Now in U.S. Custody
In a notable turn of events on New Year’s Eve, Montenegrin authorities confirmed the extradition of Terraform Labs co-founder Do Kwon to the United States. This marks the conclusion of a protracted legal battle involving the U.S. and South Korea, both eager to bring the crypto innovator to justice.
Transfer of Terraform Labs Leader to U.S. Authorities
On December 31, Do Kwon was officially extradited to the United States from Montenegro to face trial related to his involvement in the downfall of Terraform Labs in 2022. According to The Korean Herald, the announcement by Montenegro’s interior ministry signaled the end of this lengthy extradition process.
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The report highlighted that Do Kwon was transferred to U.S. law enforcement, including agents from the Federal Bureau of Investigation (FBI), to address criminal charges including conspiracy to commit fraud. The decision followed Montenegro’s Justice Minister Bojan Božović’s rejection of South Korea’s extradition request, opting instead to comply with the U.S. This decision capped a year-long legal effort to bring the former crypto tycoon to trial.
Local reports indicated that the Department of Justice had thoroughly examined all aspects and decided that extraditing Do Kwon to the U.S. was justified. As a result, the Minister of Justice authorized his extradition to the United States, while declining the request from South Korea.
Despite the decision, Do Kwon’s Montenegrin legal team expressed dissatisfaction, pledging to appeal to both Montenegro’s constitutional court and the European Court of Human Rights.
The Montenegro Chapter of Do Kwon’s Legal Challenges
Do Kwon, a prominent South Korean entrepreneur, was held in Montenegro for over 18 months. His arrest in March 2023, alongside Terraform Labs’ former finance officer Han Chang-joon, occurred at Podgorica airport where they attempted to use counterfeit travel documents. Prior to this, Kwon had been evading authorities, fleeing his homeland and Singapore just before Terraform Labs declared bankruptcy. The collapse of the company was among the most significant in cryptocurrency history, erasing approximately $50 billion in value from its two key assets, TerraUSD (UST) and Luna (LUNA), within a week, as detailed by the Federal Reserve Board.
Following his arrest, Do Kwon received a four-month prison sentence in Montenegro, which later extended by an additional two months at the behest of the U.S. and South Korea. Upon completing his sentence, he was transferred to an immigration facility pending the Montenegro High Court’s ruling on the extradition petitions.
Current Market Status for Terra Luna Classic (LUNC)
Presently, Terra Luna Classic (LUNC) is trading at $0.000111 as observed on the one-week chart. Investors continue to scrutinize the market movements closely following the recent developments surrounding Terraform Labs.
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