Do Kwon Extradition Ruling Nears Critical Juncture as Deadline Looms

The legal proceedings surrounding Do Kwon, the co-founder of Terraform Labs, are nearing a critical point. According to reports from Montenegrin local media

Montenegrin authorities are preparing to decide on the extradition of Do Kwon, the co-founder of Terraform Labs, by Sunday, October 19, local media reported.

The extradition process is nearing its final stages, with a decision expected by Sunday, according to reports from Montenegrin local media. The reports follow the government’s selection of a destination for Kwon’s extradition, which was announced earlier this week.

However, the authorities did not disclose which country will take custody of the Terraform Labs co-founder. Both the United States and South Korea have filed extradition requests in connection with crypto fraud charges against Kwon.

Montenegro’s Minister of Justice Bojan Bozovic said that the final documentation for Kwon’s extradition could be signed by the end of this week. But he did not provide any further details on which nation Kwon will be sent to.

“On this issue, as Minister of Justice, I have nothing more to comment on after the decision of the Supreme Court,” Bozovic said, as quoted by a local news report. He added, “It would have been easier for me if it hadn’t been like this and the court had decided which country he should be extradited to. On the other hand, when the court leaves it to us to decide, I must act accordingly.”

Kwon has been in custody in Montenegro since March 2023 after being arrested in Podgorica. He was detained while attempting to travel using falsified documents. Following his arrest, Kwon was convicted of forgery charges and served a six-month prison sentence in Montenegro.

The co-founder of Terraform Labs is now facing extradition requests from both the United States and South Korea. The U.S. authorities have charged Kwon with orchestrating a multi-billion dollar crypto fraud scheme, while South Korean prosecutors are seeking his extradition on separate fraud charges.

The collapse of Terra’s stablecoin ecosystem, which Kwon co-founded, resulted in losses amounting to billions of dollars for investors. The crash occurred in May 2022, wiping out the value of the TerraUSD and Luna tokens. Kwon has denied any wrongdoing and claimed that he is being unfairly targeted by the authorities.

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