On New Yr’s Eve, Montenegro authorities introduced that Terrakind Labs co-founder Do Kwon was extradited to the US. The event comes after the Minister of Justice signed the order for his extradition, concluding the extended battle between the US and South Korea to carry the crypto entrepreneur to trial.
Terrakind Labs Founder Handed Over To US Authorities
On December 31, Montenegro extradited Do Kwon to the US to face trial over his function in Terrakind Labs’ collapse in 2022. As reported by The Korean Herald, the nation’s inside ministry introduced the top of the prolonged extradition saga in an announcement on Tuesday morning.
In keeping with the report, Do Kwon was “handed to the competent law enforcement authorities of the United States of America and agents of the Federal Bureau of Investigation (FBI)” to face “criminal proceedings in the US for crimes of conspiracy to commit fraud.”
Final week, Montenegro’s Minister of Justice, Bojan Božović, refused South Korea’s request and signed an order for Do Kwon’s extradition to the US. Each nations sought his extradition for over a yr, leading to a protracted authorized saga to carry the once-influential crypto mogul to trial.
As native information reported, “The Department of Justice has considered all the facts and circumstances and assessed criteria” and concluded that the Terrakind Labs co-founder needs to be extradited to the US.
Given the above, it was concluded that many of the standards offered for by regulation assist the extradition request of the competent authorities of the US of America, and the Minister of Justice has issued a call permitting the extradition of Kwon Do Hyeong to the US of America, whereas on the identical time refusing extradition to the Republic of Korea.
Reportedly, Do Kwon’s Montenegrin attorneys criticized the Minister of Justice’s choice and introduced they might “appeal to the country’s constitutional court and to the European Court of Human Rights.”
Do Kwon’s Montenegro Saga
The South Korean entrepreneur was below Montenegro’s custody for over a yr and a half. In March 2023, authorities detained him alongside Terrakind Lab’s former finance officer, Han Chang-joon, for making an attempt to make use of falsified journey paperwork on the Podgorica airport.
Earlier than his arrest, he had been on the run for months, fleeing his house nation and Singapore earlier than Terrakind Labs went bankrupt. The corporate’s downfall was one of many greatest collapses in crypto historical past, wiping out “around $50 billion worth of the network’s two asset offerings, TerraUSD (UST) and Luna (LUNA), in the span of a week,” detailed the Federal Reserve Board in a paper.
Do Kwon was then sentenced to 4 months in jail in Montenegro, later receiving an additional two months on the request of the US and South Korea. Upon launch, he was escorted to an immigration heart to await the Montenegro Excessive Courtroom’s choice on the extradition requests.
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