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Montenegro court approves extradition of Terra Founder Do Kwon

In this post:

  • Legal complexities mount for Terra’s founder Do Kwon as Montenegro court approves extradition.
  • Co-founder Daniel Shin faces indictment in South Korea, adding to Terra’s legal woes.
  • Montenegrin Justice Minister holds the key to Do Kwon’s destination after a four-month sentence.

In a recent update posted on the judiciary’s website, a court in Podgorica, the capital of Montenegro, has given its approval for the extradition of Do Kwon, the founder of Terra. Kwon, who was apprehended at Podgorica’s airport in March for carrying falsified documents, will now await the final decision on his extradition, to be determined by the Montenegrin Justice Minister.

Do Kwon extradition approval and pending decision

The Montenegro court’s decision greenlights the possibility of Do Kwon being extradited to either South Korea or the United States. Following a four-month prison sentence in Montenegro for document forgery, the Justice Minister will have the authority to decide Kwon’s ultimate destination. This decision marks a pivotal point in the legal proceedings against the Terra founder.

Do Kwon’s arrest in Montenegro triggered a cascade of legal challenges. He now faces numerous fraud charges brought forth by U.S. federal prosecutors. Simultaneously, existing civil charges in the U.S. and an ongoing investigation in South Korea, stemming from the terraUSD collapse last year, add complexity to the legal landscape surrounding Kwon.

Earlier this month, the Montenegro High Court upheld the four-month prison sentence imposed on Kwon and his associate, Han Chang-Joon, for document falsification. Despite their appeal being rejected, the court deemed the sentence appropriate. With the sentence affirmed, Kwon faces the prospect of extradition to either South Korea or the U.S. once he completes his prison term in Montenegro, as reported by CoinDesk.

Terraform Labs Co-founder’s indictment in South Korea

The legal challenges extend beyond Do Kwon. In April, Daniel Shin, co-founder of Terraform Labs, found himself indicted in South Korea for violations of capital markets law. Prosecutors subsequently froze $185 million in assets linked to Shin. Denying any involvement in the collapse of the company, Shin asserted that he had departed two years prior to the recent developments

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