Is Kwon Going to the USA? Montenegro Court Orders Extradition in Terra Fraud Case

Breaking News: Montenegro Court Rules for Extradition of Do Kwon to the U.S. over South Korea

In a surprising turn of events, the High Court in Montenegro has ruled that cryptocurrency entrepreneur Do Kwon should be extradited to the U.S. to face fraud charges. The court dismissed South Korea as the extradition location, setting the stage for a legal showdown that has been grabbing headlines.

The High Court in Podgorica, Montenegro, delivered the ruling, compelling Do Kwon’s extradition to the U.S. However, Kwon’s legal team has a three-day window to appeal this decision. This ruling comes after Kwon’s arrest in March 2023 at the Podgorica airport, where he was attempting to board a private jet to Dubai using a fake Costa Rican passport.

The legal drama surrounding Kwon has now gone international, as the U.S. Department of Justice has brought eight criminal fraud charges against him. The charges revolve around allegations that Kwon misled investors about the stability of TerraUSD. Simultaneously, the Securities and Exchange Commission (SEC) has filed a civil case, accusing Kwon of securities fraud connected to the collapse.

Aside from the charges in the U.S., South Korea is also pursuing Kwon for alleged violations of its capital markets laws. An arrest warrant has been in place since September 2022. With the Montenegrin court’s decision, Kwon is on track to face the SEC’s fraud lawsuit, which is scheduled to commence on March 25.

In related news, Han Chang-joon, the former CFO of Terraform Labs, has also been extradited to South Korea. He was extradited alongside Kwon on February 5 by Montenegrin authorities. Han Chang-joon now faces the possibility of life imprisonment in South Korea after serving a four-month sentence in Montenegro.

The repercussions of Kwon’s alleged actions are being felt globally, as both the U.S. and South Korea are pursuing his prosecution. The focus of the legal battles is the collapse of TerraUSD and Luna in May 2022, which led to a staggering $40 billion loss in the cryptocurrency market.

Investors and traders around the world are grappling with the aftermath of the collapse as Kwon, the creator of TerraUSD and Luna, faces eight criminal fraud charges brought forth by federal prosecutors in New York.