Terraform Labs Founder Do Kwon to be Extradited to the U.S.
Terraform Labs’ founder, Do Kwon, is set to be extradited to the United States after being imprisoned in Montenegro for several months. Kwon, an international fugitive, was apprehended by authorities last March while attempting to leave the country. The U.S. and South Korea have been vying for his extradition to face fraud charges in their respective nations.
Extradition Decision Pending
Sources have revealed that Kwon’s extradition was approved by a Montenegrin court last month. The final decision lies with Justice Minister Andrej Milovic, who has not yet disclosed where Kwon will be extradited. However, sources claim that Milovic informed the U.S. ambassador of his intention to send Kwon to the United States.
Charges and International Pursuit
Kwon faces multiple fraud charges, including commodities fraud, securities fraud, and wire fraud, upon his arrival in the U.S. He is also wanted for securities-law violations related to the collapse of Terra and Luna in May 2022. Kwon evaded arrest and traveled through Europe and Asia before being caught in Montenegro.
Awaiting Final Decision
Kwon’s appeal regarding his document forgery case was rejected by a High Court in Montenegro last month. Due to concerns about him fleeing again, he is currently held at Spuž Prison near Podgorica. Justice Minister Milovic is expected to announce his decision once it is confirmed that Kwon will not attempt another appeal.
Hot Take: Do Kwon’s Extradition Signals Progress in Crypto Fraud Crackdown
The impending extradition of Do Kwon to the United States highlights the global efforts to crack down on crypto fraud. Kwon’s alleged involvement in fraudulent activities and the collapse of Terra and Luna have cost the crypto market millions. This extradition serves as a warning to others involved in illicit activities that they will be held accountable for their actions, regardless of their location. It also demonstrates the commitment of authorities to ensure the integrity of the crypto industry and protect investors. As the crypto market continues to evolve, it is crucial to maintain regulatory oversight and prosecute those who engage in fraudulent practices.
By
By
By
By