The Release of Former Terraform Labs CEO Do Kwon from Montenegrin Prison
Former Terraform Labs CEO Do Kwon has reportedly been released from jail in Montenegro, although he remains under house arrest pending the high court’s decision on extradition requests from South Korea and the United States.
US and South Korean Authorities Seek Do Kwon
US and South Korean authorities are seeking Do Kwon due to his alleged involvement in the collapse of Terra in 2022. It is believed that Kwon played a significant role in the collapse, which resulted in the loss of over $40 billion in customer funds.
The penalties for these crimes are less severe in South Korea compared to the United States. In March 2023, US prosecutors filed eight felony charges against Kwon, and if he is extradited to the US, he could face these charges.
Kwon’s Release Confirmed by Montenegro’s Detention Chief
Darko Vukcevic, Montenegro’s detention chief, confirmed Kwon’s release in an interview. He stated that Kwon is currently in police custody and explained that Kwon was released from prison as his regular prison term for traveling with fake papers had ended. Since Kwon is a foreign citizen and his documents were withheld, he was taken for an interview with the police directorate for foreigners.
Goran Rodic, Kwon’s attorney, also confirmed his release. However, Kwon’s passport has been withheld to prevent him from leaving the country. Rodic plans to file an appeal with a court to keep Kwon free until his extradition.
Do Kwon’s Destination: US or South Korea?
Initially, it seemed like Do Kwon would be heading to the US following a ruling from the Podgorica High Court. However, the Montenegro Appeals Court reversed this decision, citing violations of criminal procedure provisions.
South Korea now has an advantage over the US in terms of Kwon’s extradition. Nevertheless, the US plans to challenge the decision and may submit an appeal to the Montenegrin Supreme Court. Kwon’s camp appears to support his return to South Korea as it would keep him closer to his family.
Former Crypto Mogul’s Arrest and Decline
Kwon’s arrest in 2023 by Montenegrin authorities was a result of attempting to travel with fake documents. He was once one of the biggest names in crypto but has since faced a decline in his reputation. Joining the ranks of disgraced crypto figures like Bankman-Fried and Alex Mashinsky, Kwon’s fall from grace has been significant.
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