ThelegalproceedingssurroundingDoKwon,theco-founderofTerraformLabs,arenearingacriticalpoint.AccordingtoreportsfromMontenegrinlocalmedia,theextraditionprocessisinitsfinalstages,withadecisionexpectedbySunday,October19.
InsightIntoDoKwon’sExtraditionRuling
OnOctober17,BojanBozovic,Montenegro’sMinisterofJustice,confirmedthatthegovernmenthadselectedthedestinationforDoKwon’sextradition.However,hedidnotdisclosewhichcountrywilltakecustodyoftheTerraformLabsco-founder.BoththeUnitedStatesandSouthKoreahaverequestedhisextraditioninconnectionwithcryptofraudcharges.
BozovicindicatedthatthefinaldocumentationforKwon’sextraditioncouldbesignedasearlyastheendofthisweek.However,nofurtherdetailswereprovidedonwhichnationKwonwillbesentto.
“Onthisissue,asMinisterofJustice,IhavenothingmoretocommentonafterthedecisionoftheSupremeCourt,”Bozovicsaid,accordingtoalocalnewsreport.Hefurtheradded,“Itwouldhavebeeneasierformeifithadn’tbeenlikethisandthecourthaddecidedwhichcountryheshouldbeextraditedto.Ontheotherhand,whenthecourtleavesittoustodecide,Imustactaccordingly.”
WhatAllHappenedTillNow?
DoKwonhasbeenheldinMontenegrosinceMarch2023afterbeingarrestedinPodgorica.Hewasdetainedwhileattemptingtotravelusingfalsifieddocuments.Followinghisarrest,Kwonwasconvictedofforgerychargesandservedasix-monthprisonsentenceinMontenegro.
ThecollapseofTerra’sstablecoinecosystem,whichKwonco-founded,resultedinlossesamountingtobillionsofdollarsforinvestors.ThecrashoccurredinMay2022,wipingoutthevalueoftheTerraUSDandLunatokens.KwonhasbeenthesubjectofmultiplecriminalinvestigationsinSouthKorea,theUnitedStates,andSingapore.
InSeptember2023,InterpolissuedarednoticeforKwon,furthercomplicatinghislegalsituation.Henowfacesextraditionrequestsfromseveralcountries.InSouthKorea,authoritieshavefiledfraudchargesagainstKwon,holdinghimresponsiblefortheTerracollapse.TheU.S.hasalsopursuedsimilarcharges,accusinghimofviolatingsecuritieslaws.
ThedecisiontoextraditeKwonbecamepossibleafterMontenegro’sSupremeCourtruledinSeptember2023thattheconditionsforhisextraditionwerelegallysound.ThisrulingclearedthewayfortheMinisterofJusticetomakethefinaldecision.Nonetheless,thecourtdidnotspecifywhichcountryKwonshouldbesentto,leavingthedecisiontoMontenegrinauthorities.
Kwon’sarrestinMontenegrocameaftermonthsofevadinglawenforcement.HehadallegedlybeenhidinginSerbiabeforeattemptingtoleavetheregion.HiscaptureandsubsequentlegalbattleshavebecomeafocalpointintheongoingfalloutfromTerra’scollapse.
Kwon’scasehasdrawnwidespreadattentionduetothescaleofthefinancialdamagecausedbytheimplosionoftheTerraecosystem.InvestorsacrosstheglobewereaffectedwhenTerraUSD,astablecoin,lostitspegtotheU.S.dollar,leadingtoachainreactionthatsentthepriceofLunaplummeting.
WhileKwonhasbeendetainedinMontenegro,thepriceofTerraLunaClassic,atokenrelatedtotheoriginalLuna,hasshownsomeupwardmovementsinceJuly.However,thebroadercryptocurrencymarketexperiencedasignificantcrashinearlyAugust,whichimpactedthetoken’sgains.
Asofnow,theexactcountrywhereDoKwonwillfaceprosecutionremainsunknown.BothSouthKoreaandtheUnitedStatesarekeentobringhimtotrial,withextraditionexpectedtoproceedshortly.
cryptonewsz.com