Montenegro Court Approves Do Kwon's Extradition: A Crypto Spotlight

• Terra Founder, Do Kwon's Extradition Approved by Montenegrin Court
• Prison Sentence for Document Forgery
• Fraud Charges Laid by U.S. Federal Prosecutors
• Higher Court Upholds Four-Month Sentence
• Terraform Labs Co-Founder Indicted in South Korea

Terra Founder, Do Kwon's Extradition Approved by Montenegrin Court

The judiciary of Montenegro has issued an update on their website, announcing the approval of Terra founder, Do Kwon's extradition to either the United States or South Korea. This development follows Kwon's arrest in March at an airport in Podgorica, Montenegro's capital, where he was found in possession of falsified documents.

Prison Sentence for Document Forgery

The final determination regarding the extradition will be made by the Minister of Justice in Montenegro. This decision will be made after Kwon completes a four-month prison sentence in the country for his involvement in document forgery.

Fraud Charges Laid by U.S. Federal Prosecutors

Subsequent to his arrest in Montenegro, Kwon has been charged with multiple counts of fraud by federal prosecutors in the U.S. He also faces existing civil charges in the U.S and is under investigation in South Korea in connection with the collapse of terraUSD last year.

Higher Court Upholds Four-Month Sentence

Earlier this month, the Montenegro High Court upheld the four-month prison sentence for document falsification handed down to Kwon and his associates, Han Chang-Joon. The court dismissed their appeal, stating the sentence was fitting. Once Kwon completes his prison term in Montenegro, he could possibly be extradited to South Korea or the U.S.

Terraform Labs Co-Founder Indicted in South Korea

In a related development in April, Daniel Shin, co-founder of Terraform Labs, was indicted in South Korea for violations of capital markets laws. Following this indictment, prosecutors seized assets worth $185 million. Shin has denied any involvement in the company's downfall, claiming to have left the company two years before its collapse.

Last Updated on Nov. 24 at 09:49 UTC

Edited by Jonathan Stoker