Finally, Do Kwon will be able to return to his native country, South Korea, but he will also face significant legal hurdles there.
Do Kwon, co-founder of Terraform Labs, a South Korean blockchain firm behind the Proof-of-Stake Terra blockchain network, faced a major crisis in May 2022 when the Terra Empire collapsed, devastating Luna coin and TerraUSD stablecoin (UST). The team abandoned the project and later launched a new Luna coin without a stablecoin. This collapse caused financial turmoil, leading several crypto companies to bankruptcy. Do Kwon, who was on the run, was eventually found in Montenegro with forged documents.
In the latest developments, a Montenegrin court has ruled that Do Kwon, the co-founder of Terraform Labs, will be extradited to South Korea instead of the United States. This decision follows his arrest in Montenegro earlier this year on charges related to the use of forged documents to hide personal identity.
South Korea and the United States had both requested Kwon’s extradition. However, the court decided to send him to South Korea, where he faces serious charges of fraud and violating financial laws.
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Do Kwon is accused of being involved in a major cryptocurrency scheme that caused significant financial losses to investors. The South Korean government has been actively seeking his return to face justice.
The court’s decision is seen as a significant step in addressing the legal issues surrounding Kwon and his company. Kwon will now be handed over to South Korean authorities to face the charges against him.
It is worth noting that the American securities regulatory body, the SEC, dropped the fraud case against Kwon after Terraform Labs settled the case by admitting all charges. As a part of the settlement, the TerraForm labs will pay a charge of $4.5 billion to the SEC body.
Read also: ByBit Exchange Stops Operations in France
Montenegrin Court Orders Do Kwon’s Extradition to South Korea, Snubbing U.S. Request
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