While after being arrested, Do Kwon is expected to be detained for at least 30 days, South Korea and the United States have both requested the extradition of the founder of Terraform Labs. The Montenegrin justice minister has said that if he is found guilty of possessing false documents in Montenegro, he will first serve a prison sentence there.
Where will Do Kwon be judged?
Just under a week after he was arrested at Podgorica airport in Montenegro, Do Kwon is the subject of an extradition request both from the United States, but also from South Korea. While the founder of Terraform Labs is currently in custody, the country’s justice minister has said a judge will decide his immediate outcome.
According to the latest news, Do Kwon, whose real name is Kwon Do-hyung, must normally be held for another thirty days in Montenegro due to the possession of multiple falsified identity documents, in particular Belgian, South Korean and Costa Rican, in the waiting for a trial. Do Kwon’s lawyer assured that these documents were indeed in order. and that more obscure reasons must have motivated his detention.
The Minister of Justice, however, said that if Do Kwon and his accomplice were found guilty in Montenegro, they will first have to serve their sentence on the spot. Then, the future of individuals should be determined according to ” the seriousness of the crimes, the place where they were committed, the order of the requests, as well as the citizenship of the suspects according to the Minister, which suggests a priority given to South Korea, where the 2 individuals are from.
On the United States side, the architect of the Terra ecosystem is the subject of 8 charges, in particular for stock market fraud and online fraud following the collapse of the UST and the LUNA token, which resulted in more than 40 billion dollars evaporated.
An arrest warrant was issued for him by authorities in Seoul shortly after Terra’s collapse.
👉 Read also – FTX: Sam Bankman-Fried is prosecuted for trying to bribe Chinese officials
Buy crypto on eToro in minutes
Source: Bloomberg
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
644 items
