US or South Korea: Terraform Labs Co-Founder Do Kwon Extradition Fate to Be Decided by Judge
A judge will decide whether Do Kwon will be extradited to the United States or South Korea, Montenegro’s justice minister, Marko Kovac, reportedly said.
“Consideration will be given to the gravity of crimes, location of committed offenses, sequence of requests, as well as citizenship” of the suspects, Kovac told reporters in the capital Podgorica Wednesday, according to a Bloomberg report.
Kovac added that if the suspects, which include Kwon and Terraform’s chief financial officer, Han Chang-joon, are convicted in Montenegro, they’ll first have to serve time there.
In a press conference, Montenegro authorities confirmed that both the US and South Korea have requested the extradition of Kwon. They noted that Singapore has not yet officially submitted a request for extradition.
Montenegro's Minister of the Interior, Filip Adzic, announced via Twitter last week that an individual suspected of being Do Kwon has been arrested at Podgorica airport.
Subsequently, South Korean police said that the identity of the suspect arrested in Montenegro had been confirmed as Kwon after his fingerprints matched the information held by the country's National Police Agency (KNPA).
Do Kwon is the co-founder and CEO of Singapore-based Terraform Labs, the company behind the crashed stablecoin TerraUSD and cryptocurrency Luna.
TerraUSD used a mix of algorithms and trader incentives involving a sister token, Luna, to maintain its $1 peg. However, the stablecoin lost its dollar peg in May last year after a wave of sell-offs hit the crypto market.
US prosecutor estimate that the crash of the Terra ecosystem drained at least $40 billion from investors.
Following his arrest, Do Kwon was charged with eight counts of fraud in New York, which include two
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