Montenegro’s Supreme Court had beforehand dominated that the authorized necessities for Do Kwon’s extradition had been met, in response to requests from each the United States and South Korea.
According to the Ministry of Justice, a number of standards had been thought of in making the choice, together with the severity of the alleged crimes, location of the offenses, the order during which extradition requests had been filed, the citizenship of the person, and the opportunity of additional extradition to a different nation. Based on these elements, the ministry concluded that almost all of authorized standards favored extradition to the United States over South Korea.
The ministry acknowledged, “Considering the ruling of the Supreme Court, the Ministry of Justice reviewed all information and circumstances and evaluated standards such because the seriousness of the crimes, the placement of their execution, the order of submitted requests, the nationality of the requested particular person, the potential for additional extradition, and different circumstances.
Based on these issues, it was concluded that almost all standards stipulated by regulation favor the request for extradition to the United States, and thus the Justice Minister issued a call allowing Do Kwon’s extradition to the United States, whereas concurrently rejecting the extradition request from South Korea.”
Do Kwon, the founding father of Terraform Labs, is below investigation by U.S. and South Korean authorities for his position in what has been described as one of many largest cryptocurrency disasters in historical past.
In May 2022, the worth of two cryptocurrencies he created, TerraUSD and Luna, collapsed, wiping an estimated $40 billion from the crypto market. This triggered a series response that led a number of different digital asset firms to chapter, with traders worldwide shedding important financial savings. Investigations concluded that Do Kwon misled traders and allegedly hid property.
Do Kwon and his enterprise associate Han Chang-Joon had been arrested on March 23, 2023, at Podgorica Airport whereas making an attempt to fly to Dubai utilizing solid passports. He was sentenced to 4 months in jail in Montenegro for doc falsification.
After serving his sentence, U.S. and South Korean authorities started pursuing extradition. Upon his launch from Spuž jail on March 23, Montenegrin police transferred Do Kwon to the Foreigners’ Reception Center, the place he’ll stay till the extradition course of is finalized.
