Montenegro Will Extradite Do Kwon to the US, Not South Korea | Airdrop Alert Pro

According to local reports, Montenegro’s justice minister has signed an order to extradite Terraform Labs founder Do Kwon to the United States, rejecting South Korea’s extradition request. South Korean authorities accused Quan of misleading investors and concealing assets.

The decision follows a ruling by Montenegro’s Supreme Court confirming that the legal requirements for extradition have been met.

Kwon Do will stand trial in the United States

Earlier this week, BeInCrypto reported that extradition from the U.S. was likely Montenegrin court rejects Do Kwon’s appeal Opposed extradition on the grounds of legal flaws in his case.

Although an extradition date has not yet been finalized, Quan may face a similar trial Sam Bankman-Freed. The founder of FTX is Currently serving a 25-year sentencewho was also extradited from the Bahamas. However, his extradition would be far less complicated than Quan’s.

“Taking into account the Supreme Court’s decision, the Ministry of Justice examined all the facts and circumstances and assessed criteria such as the seriousness of the criminal offense, the place of the crime, the nationality of the person petitioned, and other circumstances. Accordingly, it concluded that the law “Most of the criteria set out support the extradition request by the competent authorities of the United States.” announcement.

The Terraform Labs founder is under investigation in the United States and South Korea for his role in a major cryptocurrency crash in May 2022.

At that time the collapse of TerraUSD and Luna The cryptocurrency market lost $40 billion, triggering widespread financial repercussions and leading to the bankruptcy of several companies in the industry.

In addition, authorities accused Quan of defrauding investors and suspected him of hiding large amounts of assets. In March 2023, Kwon and his business partner Han Chongjun were arrested at Montenegro’s Podgorica airport while trying to board a flight to Dubai using fake passports.

Quan was sentenced to four months in prison in Montenegro. However, he is currently detained at the Spuz Foreigners Reception Center.

Reaches historic settlement with SEC

In June 2024, Terraform Labs reached a historic settlement with the SEC and agreed to pay a fine of $4.47 billion. The settlement includes $3.6 billion in forfeiture penalties, $420 million in civil penalties and $467 million in prejudgment interest.

In addition, Kwon was personally ordered to pay more than $200 million, including $110 million in forfeiture, $80 million in civil penalties and $14.3 million in interest.

Controversy has also emerged surrounding Mr Kwon’s alleged political connections in Montenegro. There are reports that he may have financial ties to local politicians, including Europe Now party leader Milojko Spajic.

Overall, these links raise concerns about potential interference in the extradition process. In 2023, Montenegro’s prime minister called for an investigation into the allegations, further complicating the case.