Do Kwon, co-founder of Terraform Labs, has been released from prison in Montenegro while the extradition proceedings regarding his request to be extradited to the USA and South Korea are still ongoing, according to a report by Bloomberg citing officials from the prison system.
Doubts Surrounding Kwon's Extradition Decision:
His recent decision to be extradited to South Korea has been challenged by the top prosecutor of Montenegro. Recently, it has come to light that the highest prosecutor's office in Montenegro has transferred this case for review to the Supreme Court, citing irregularities.
Arrest of Do Kwon and the Collapse of the Terra Project:
Do Kwon was arrested in Montenegro in March 2023 when he was caught with a fake Costa Rican passport while attempting to travel to Dubai in the United Arab Emirates. Kwon was the architect of the failed crypto project TerraUSD stablecoin, which experienced a collapse along with LUNA, another token from the Terra project.
Extradition Decision and Investigation:
Both the USA and South Korea have requested Kwon's extradition, but the Minister of Justice of Montenegro favors extradition to South Korea. This decision has been contested by the top prosecutor of Montenegro. South Korean authorities are now actively seeking to prosecute Do Kwon for his alleged frauds and tax evasion.
Do Kwon has denied the accusations, claiming that the $40 billion collapse of the Terra ecosystem was a result of market forces and does not indicate any criminal activity.
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