South Korean Authorities Seek Extradition of Terra Founder
In a bid to bring the founder of Terra, Daniel Kwon, back to South Korea, authorities have sought the help of Interpol, the international law enforcement agency. Kwon is currently in Montenegro, where he had appealed his extradition to the United States.
Kwon’s Extradition Process
Kwon’s legal troubles began when he was arrested in Montenegro in January 2023 on an Interpol red notice issued by South Korea. The arrest was based on fraud charges related to the collapse of the Terra ecosystem, which resulted in significant losses for investors.
- However, Kwon appealed his extradition to the United States, citing issues with the legal process.
- The Montenegro Court of Appeals subsequently revoked his extradition on March 5.
Following this development, South Korea’s National Police agency requested Interpol’s assistance in bringing Kwon back to the country from Montenegro. It is worth noting that South Korea had already requested his extradition before the United States did.
Fraud Charges and TerraUSD Collapse
Kwon faces fraud charges specifically related to the collapse of TerraUSD, an algorithmic stablecoin within the Terra ecosystem. In May 2022, TerraUSD crashed, causing a loss of $45 billion in market capitalization.
Hot Take: The Pursuit of Justice
South Korean authorities are determined to hold Daniel Kwon accountable for his alleged involvement in the collapse of TerraUSD and subsequent financial losses. By seeking his extradition from Montenegro with the help of Interpol, they are taking proactive steps towards ensuring justice is served.
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