Montenegro Minister Signs Order for Do Kwons Extradition - Coin Index News

Montenegro Concludes Legal Proceedings: Do Kwon to be Extradited to the US

In a landmark decision concluding an intricate legal saga, Montenegro’s Minister of Justice, Bojan Božović, has officially sanctioned the extradition of Terraform Labs co-founder, Do Kwon, to the United States. This announcement, reported by the Montenegrin daily, Vijesti, signifies the culmination of protracted legal endeavors by both the United States and the Republic of Korea to bring the contentious entrepreneur to justice.

Supreme Court’s Approval of Do Kwon’s Extradition

Upon receiving extradition requests from both the Republic of Korea and the United States, Montenegro’s Supreme Court established that all legal conditions for Do Kwon’s extradition were satisfied. This endorsement empowered Minister Božović to evaluate which jurisdiction should prevail based on a comprehensive analysis of pertinent facts and circumstances.

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Factors Influencing the Extradition Decision

According to a statement from the Department of Justice, the decision-making process involved numerous criteria, including the severity of the alleged offenses, the location of their occurrence, the sequence of extradition requests, and the potential for subsequent extradition to another nation. Nationality and other relevant factors were also considered. The analysis favored the United States’ request, leading to the conclusion that extradition to the United States was justified, while declining the request from South Korea.

The Allegations Against Do Kwon

Do Kwon has come under intense scrutiny from both US and South Korean authorities for his purported involvement in a catastrophic crypto crash. In May 2022, the collapse of TerraUSD and Luna, two cryptocurrencies developed by Kwon, resulted in a staggering $40 billion loss from the crypto market, triggering a wave of insolvencies among digital asset companies.

Legal Challenges and Arrest

Authorities allege that Do Kwon deceived investors and suspect he has hidden significant resources connected to the TerraUSD/Luna debacle. Kwon, along with Han Chang-joon, the former finance officer of Terraform Labs, was apprehended at Podgorica airport on March 23 of the previous year. They were found in possession of forged passports while attempting to travel to Dubai. This led to a four-month incarceration in Montenegro, prompting intensified extradition requests from both US and South Korean officials.

Following his release from Spuž Prison, Do Kwon was transferred to an immigration inspector for further processing. After a five-hour interrogation, he was taken to the Immigration Center, where he remains pending the completion of extradition formalities.