Terraform Labs Saga: Kwon's Fate in Montenegro, S. Korea, U.S. 🚀

The US Prosecutors Aim to Pursue Extradition of Terra Co-Founder Do Kwon

US Prosecutors are determined to continue seeking the extradition of Terraform Labs Co-founder, Do Kwon, despite Montenegro’s High Court ruling that he should be handed over to South Korea to face charges related to the TerraUSD stablecoin collapse in 2022.

Do Kwon’s Legal Troubles

After the collapse of Terra, Kwon managed to evade South Korean authorities until his arrest in Montenegro while attempting to travel with a fake passport. He now faces legal issues for his involvement in the collapse of TerraUSD.

Kwon was charged alongside the former Terra executive Han Chang-joon, who was extradited to South Korea earlier this year.
Kwon is currently serving a four-month sentence in Montenegro for possessing false documents and is expected to be sent back to South Korea afterward, according to his Montenegrin attorney.

Criticism from Crypto Lawyers

Some crypto legal experts closely monitoring the case have criticized the decision to extradite Kwon to South Korea.

Terrence Yang, Managing Director at Swan Bitcoin and former counsel at Merrill Lynch, described the move as a “travesty” and questioned the fairness of the legal process.
Yang pointed out that the US has successfully prosecuted individuals involved in major crypto exchange collapses, such as Sam Bankman of FTX, and suggested that Kwon might face a lighter sentence in South Korea.

Extradition Decision

Both the US and South Korea have requested Kwon’s extradition from Montenegro, and authorities in Montenegro will ultimately decide where he will be sent.

Meanwhile, Sam Bankman Fried, the Co-founder of FTX, is confronting potential charges of fraud in New York that could result in lengthy imprisonment.

Hot Take: Legal Wrangling Continues for Do Kwon

The legal saga surrounding Do Kwon’s extradition and potential trial in South Korea underscores the complexities of international legal cooperation in cases involving cryptocurrency collapses. Stay tuned for further developments as the situation unfolds.