Do Kwon Extradition Is Now A War Between US And Korea

Key Points:

• Do Kwon extradition continues to be a war between the US and South Korea after Montenegro’s High Court ruling.
• Arrested in Montenegro in 2023, Kwon’s lawyers prefer trial in South Korea despite US prosecutors’ persistence.
• Kwon, serving a sentence for document forgery in Montenegro, awaits transfer to South Korea for charges linked to his crypto enterprise collapse.

According to Bloomberg, former cryptocurrency mogul Do Kwon’s legal saga continues as US prosecutors persist in seeking his extradition despite a ruling by Montenegro’s High Court favoring his transfer to South Korea.

Do Kwon Extradition Battle: Legal Odyssey Continues

Kwon, the co-founder of Terraform Labs, faces charges stemming from the $40 billion collapse of the TerraUSD stablecoin in 2022.

The US Justice Department reaffirmed its commitment to Do Kwon extradition, citing international agreements and Montenegrin law. Kwon, who was arrested in Montenegro in March 2023 for traveling on a fake passport, has been the subject of extradition requests by both South Korea and the US.

While the court decision marks a victory for Kwon, his lawyers have expressed a preference for him to face charges in South Korea. Meanwhile, in the US, another crypto mogul, Sam Bankman-Fried, faces potential imprisonment after being convicted of fraud in New York.

Terraform Labs Co-founder’s Fate: From Arrest to Extradition Limbo

South Korea’s Justice Ministry stated that no official notification has been received from Montenegro yet but pledged to collaborate with Montenegrin authorities once received. However, some crypto industry lawyers have criticized the decision to send Kwon to South Korea, citing the US’s robust prosecution history in similar cases.

In South Korea, Kwon will confront criminal charges related to the collapse of his crypto enterprise. Despite an earlier ruling approving Do Kwon extradition to the US, he will first serve a four-month sentence in Montenegro for possession of falsified documents. Following this, he is expected to be transferred to South Korea to face trial.