🇲🇪 Montenegro agrees to extradite Terraform Labs co-founder Du Quang to US
📰 Montenegro's Justice Ministry has announced its approval of the extradition of Terraform Labs founder Do Kwon to the United States, potentially resolving a dispute with South Korea. The ministry said most legal criteria support the US extradition request. US Attorney General Bojan Bozovic also approved the decision, but the exact date for Kwon's extradition is still unknown.
⚖️ Kwan faces lawsuits in New York and Seoul after the collapse of Terraform Labs and its stablecoin TerraUSD (UST), which was worth $40 billion in 2022. He was arrested in Montenegro last year for using a fake passport. His lawyer, Goran Rodic, said Kwan would prefer to be extradited to South Korea, but did not comment on the recent decision.
🗣 The Manhattan District Attorney's Office, which charged Kwan with fraud in 2023, has not commented on the latest developments. Previously, legal experts in Montenegro had supported his extradition to South Korea, and suggested that there could be additional legal proceedings before a final destination could be determined.
💰 In April 2024, the Securities and Exchange Commission (SEC) found Terraform Labs and Quan liable for fraud, slapping the company with a $4.5 billion fine. This ongoing saga has people wondering about the timeline for Quan’s extradition to the United States.
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