Extradition or Conviction? Do Kwon Faces Complex Legal Battle

Key Points:

• Do Kwon and Terraform’s chief financial officer, Han Chang-joon, were arrested on March 23 in Montenegro as they were attempting to fly to Dubai using falsified travel documents.
• The situation surrounding Kwon is complex and has made headlines in the crypto world, and he is currently in quarantine under Montenegrin Covid-19 protocols until April 3.

The Montenegrin justice minister has announced that a judge will decide whether Do Kwon will be extradited to the US or South Korea. Still, he may first have to serve time in the Balkan state if he is convicted of traveling on fake documents, as per Bloomberg.

Kwon and Terraform’s chief financial officer, Han Chang-joon, were arrested on March 23 in Montenegro as they were attempting to fly to Dubai using falsified travel documents. Kwon has maintained his innocence and denies traveling on forged documents. If he is convicted in Montenegro of doing so, “that suits my client perfectly,” said his lawyer, Vojislav Zecevic.

The situation surrounding Kwon is complex and has made headlines in the crypto world. Terra, which was billed as an instrument that would maintain a value of $1 per token via a mix of algorithms and trader incentives involving its free-floating partner token Luna, was advertised as a haven of volatility in the broader crypto market. However, Luna and Terra unraveled last May, affecting the broader crypto market and contributing to the failures of prominent firms like FTX and its affiliated trading firm, Alameda Research.

The US attorney in Manhattan has indicted Kwon on fraud charges that include deceiving investors about aspects of the Terra blockchain, making false and misleading statements, and engaging in market manipulation to alter the market price of TerraUSD. If he is sent to New York, the 31-year-old Kwon will be facing prosecution by the same office overseeing a criminal case against another major figure in the crypto world, FTX co-founder Sam Bankman-Fried, who was himself extradited from the Bahamas.

South Korean authorities have been searching for Kwon since September, when they issued an arrest warrant on allegations including illegal market activity. Last month, they said they were looking for him in Montenegro’s Balkan neighbor, Serbia.

Kwon will remain in quarantine under Montenegrin Covid-19 protocols until April 3 and can only be visited by his lawyer or doctor during that period. He and Han are under investigative detention that lasts up to 30 days.

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