Montenegro court clears path for Do Kwon’s extradition to US or South Korea News ▸ South Korea · US ▸ Terra ▸ Legal
Montenegro court clears path for Do Kwon’s extradition to US or South Korea
Montenegro court update: Do Kwon closer to facing charges in US/South Korea after UST debacle.
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Updated: Nov. 24, 2023 at 12:38 pm UTC
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Terraform Labs founder Do Kwon faces possible extradition to either the United States or South Korea, as confirmed by an update on a court website in Montenegro on Nov. 24.
The High Court of Podgorica stated that the necessary legal conditions for Kwon’s extradition to either country had been satisfied. This pertains to his alleged involvement in the collapse of the algorithmic stablecoin UST, leading to criminal proceedings in both nations.
Kwon, currently serving a four-month prison sentence in Montenegro due to traveling with forged documents, awaits a decision from Montenegro’s Minister of Justice regarding his extradition after completing this term. Kwon’s attempt to appeal his conviction earlier this month was rejected as the court determined that his case was “correctly and completely determined.”
Initially, Kwon expressed consent for extradition to South Korea. However, the court couldn’t grant this request as the decision relied on international law. The U.S. authorities’ establishment of the legal basis for extradition influenced the court’s decision on the destination.
Meanwhile, Daniel Shin, the co-founder of Terraform Labs, is currently facing trial in Seoul for fraud, illegal fundraising, and violating capital market laws.
However, he has denied all charges and involvement in the collapse of the crypto company. Shin’s legal representatives argued that Kwon’s “unreasonable” managerial decisions led to Terra’s collapse, emphasizing that Shin severed ties with Kwon at least two years before the company’s failure.
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
BitConnect
$0.67989
BitConnect is a cryptocurrency investment platform that was launched in 2016.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.