🔥 Montenegrin authorities agree to hand over Do Kwon to the FBI!
Just before the New Year, Montenegrin authorities announced that they agreed to extradite Terraform Labs co-founder Do Kwon to the United States. This means that the long struggle between the United States and South Korea to try the cryptocurrency giant has finally come to fruition.
On December 31, Do Kwon was sent to the United States to face trial for his role in the collapse of Terraform Labs in 2022. According to The Korea Herald, the Montenegrin Ministry of Internal Affairs announced the end of the extradition case on Tuesday.
The report also mentioned that Do Kwon faces criminal prosecution in the United States for "conspiracy to commit fraud." Montenegrin Justice Minister Bojan Božović rejected South Korea's request last week and decided to send Do Kwon to the United States for trial.
The extradition battle has lasted for more than a year, and now Do Kwon, a once-powerful figure in the cryptocurrency world, is finally facing legal trial.
The South Korean Ministry of Justice decided to allow Do Kwon's extradition to the United States, while rejecting the request for extradition to South Korea, considering that the US extradition request met most of the criteria set out in the law.
Do Kwon's Montenegrin lawyers criticized the decision of the Minister of Justice and announced that they would appeal to the Constitutional Court of Montenegro and the European Court of Human Rights.
The South Korean entrepreneur was detained in Montenegro for more than a year and a half. In March 2023, he was detained at Podgorica Airport with the former financial officer of Terraform Lab for trying to leave the country using a forged travel document.
Before his arrest, he was on the run for months, evading pursuit in South Korea and Singapore until Terraform Labs went bankrupt. The collapse was one of the largest crashes in the history of cryptocurrencies, which wiped out about $50 billion worth of crypto assets in a week.
Later, Do Kwon was sentenced to four months in prison in Montenegro, which was later extended by two months at the request of the United States and South Korea. After his release, he was sent to an immigration center to await the Montenegrin High Court's decision on the extradition request.
🔍What do you think Do Kwon's extradition means for the cryptocurrency community? Will his trial in the US trigger a new round of turmoil? Leave your opinions and views in the comments section!
