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Montenegro: South Korea and the United States seek the extradition of Do Kwon

Montenegro says South Korea and the United States have formally requested the extradition of Terraform Labs founder Do Kwon, who is wanted in connection with a $40 billion cryptocurrency crash. the company that has devastated retail investors around the world.

ByPREDRAG MILIC Associated Press

PODGORICA, Montenegro — South Korea and the United States have sought the extradition from Montenegro of Terraform Labs founder Do Kwon, who is wanted in connection with a $40 billion crash of the firm’s cryptocurrency that has devastated retail investors around the world, Montenegro’s justice minister said on Wednesday.

Do Kwon and another South Korean citizen were arrested in Montenegro last week under international arrest warrants. A court in the small European country has ordered the two men detained for 30 days for prosecution, Justice Minister Marko Kovac said.

South Korea asked Interpol in September to circulate a “red notice” asking the agency’s 195 member countries to track down and apprehend Kwon, 31.

He and the other man were arrested at Podgorica airport in Montenegro on March 24 as they attempted to leave for Dubai using fake Costa Rican passports, authorities said.

They reportedly hid in Serbia but moved to Montenegro after South Korean investigators searched for their whereabouts and asked Serbian authorities to arrest them, South Korea’s Justice Ministry said of the arrests.

Kovac, the Montenegrin Minister of Justice, said the two men were being investigated in Montenegro for possessing false documents and could face criminal charges for the offence, which carries a penalty of up to up to five years in prison.

It was not immediately clear when and to which country Do Kwon could possibly be extradited. Kovac said South Korea is seeking the extradition of the two suspects, while the United States is only seeking Kwon’s surrender.

“The Ministry of Justice of Montenegro guarantees that South Korean citizens will be granted all rights in accordance with the laws of Montenegro and international agreements,” Kovac said.

Kwon and five others linked to Terraform are wanted over allegations of fraud and financial crimes related to the implosion of its digital currencies in May 2022.

TerraUSD was designed as a “stablecoin”, a currency that is pegged to stable assets like the US dollar to avoid drastic price swings. However, around $40 billion in market value was wiped out for holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged well below its $1 peg in May.


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