Do Kwon Extradition Fate to Be Decided by Judge: US, SK and Montenegro Press Charges

• Montenegro’s Justice Minister has announced that the fate of Do Kwon, co-founder and CEO of Terraform Labs, will be decided by a judge on whether or not he will be extradited to either the United States or South Korea.
• US, South Korea, and Montenegro have all filed criminal charges against Kwon for fraud related to his stablecoin TerraUSD and cryptocurrency Luna.
• Singapore has yet to officially submit an extradition request for Kwon.

Do Kwon Extradition Fate Decided by Judge

Montenegro’s Justice Minister, Marko Kovac, has announced that the fate of Do Kwon now rests in the hands of a judge who will determine whether he will be extradited to the United States or South Korea. According to Kovac, consideration will be given to “the gravity of crimes, location of committed offenses, sequence of requests, as well as citizenship” when making a decision. If convicted in Montenegro first, suspects must serve time there before being extradited elsewhere.

Criminal Charges Filed Against Do Kwon

US prosecutors have charged Do Kwon with eight counts of fraud in New York – including two counts each of securities fraud, wire fraud, commodities fraud and conspiracy. The charges stem from allegedly false and misleading statements made during a TV interview about the extent to which the Terra blockchain had been adopted by users; as well as statements concerning the effectiveness of TerraClassicUSD stablecoin keeping its peg with US dollar; and trading strategies related to Luna token.

South Korean Police Confirm Identity Of Arrested Suspect

After last week’s arrest at Podgorica airport in Montenegro was confirmed as Do Kwon after his fingerprints matched information held by South Korea’s National Police Agency (KNPA).

Terra Ecosystem Crash Drained Investors Of $40 Billion

The crash of Terra ecosystem is estimated to have drained at least $40 billion from investors following its loss of dollar peg in May last year after a wave sell-offs hit crypto market due mix algorithms and trader incentives involving sister token Luna maintaining $1 peg for stablecoin TerraUSD.

Singapore Yet To Submit Extradition Request For Do Kwon

So far only US and South Korea have requested extradition for Do Kown while Singapore has yet officially submitted their request according ministers from Montenegrin government while confirming identity suspect arrested country’s capital Podgorica earlier this week.

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