The High Court of Podgorica, the capital of Montenegro, approved the extradition of Do-Do Kwon, co-founder of Terraform Labs, at the request of Korea and the United States.
The court said Friday it was seeking extradition on charges related to financial crimes in both countries. Although Mr. Kwon agreed to be repatriated to Korea, the court added that the final decision on which country will be given priority for repatriation will be made by Montenegro’s Minister of Justice.
If the minister approves, Mr. Kwon will be extradited after serving four months in prison in Montenegro on charges of document forgery.
Mr. Kwon was first arrested in Montenegro last March on charges of trying to leave the country using a fake passport. But he was released from jail ahead of trial last May after a court granted him $436,000 bail. Then in June, a Montenegrin court found him guilty of document forgery and sentenced him to four months in prison. Mr. Kwon appealed the court ruling, but lost the appeal and was eventually sentenced to four months in prison earlier this month.
Mr. Kwon became the focus of a global search after global police agency Interpol reportedly issued a so-called red notice to him in September 2022 after two tokens he created, TerraUSD and Luna, collapsed in May 2022, resulting in a loss of approximately $40. It is done. In just a few days, the investor’s assets reach $1 billion.
In April this year, Daniel Shin, another co-founder of Terraform, was indicted in South Korea on charges of violating the Capital Markets Act, leading prosecutors to freeze $185 million in assets. However, Chairman Shin denied any involvement in the Terra collapse, claiming that he left the company two years before it occurred.
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