Cryptocurrency Entrepreneur Do Kwon’s Extradition Approved Montenegro Court
In a recent development, a court in Montenegro has given the green light for the extradition of cryptocurrency entrepreneur Do Kwon. The decision now leaves it up to the country’s justice minister to decide whether Kwon will be handed over to South Korea or the United States, both of which are seeking his extradition.
Multiple Charges and Controversy
Kwon, who is facing charges of multibillion-dollar fraud in the U.S., was also sentenced in June alongside an ally to four months in prison for the use of forged passports. The arrests of the two individuals in question led to the discovery of doctored Costa Rican passports, a separate set of Belgian passports, as well as laptop computers and other devices.
In a hearing back in May, both defendants denied the charges filed against them the Montenegrin prosecutor. At the time when the U.S. charges were announced, Kwon’s legal representation did not immediately respond to requests for comment. However, a spokesperson for the company he founded, Terraform Labs, stated in July that they would fight the “misguided and deeply flawed” allegations from the U.S.
Extradition Agreed, But Final Decision Pending
The High Court in Podgorica, Montenegro’s capital, revealed that Do Kwon has agreed to be extradited to South Korea under an abbreviated procedure. Nonetheless, the final decision on his extradition will be left to the justice minister, considering the multiple states that have requested his handover. The court specified that this decision will only be made after Kwon completes serving his prison sentence for document forgery.
Kwon’s lawyer in Podgorica was not available for immediate comment following this development. Kwon, a South Korean national and the former CEO of Terraform Labs, was detained in late March while attempting to board a flight to Dubai from Podgorica. Following his arrest, the U.S. District Court in Manhattan unveiled an eight-count indictment against him for securities fraud, wire fraud, commodities fraud, and conspiracy.
The legal proceedings around Kwon have been rife with controversy. In late May, a Montenegrin court revoked a bail of 800,000 euros for Kwon and his associate, stating that it could not be considered a reliable guarantee, nor their promise not to flee once released from detention.
This news was reported Daria Sito-Sucic, with editing Mark Potter. The extradition decision now sets the stage for potential further legal battles and international tensions surrounding the high-profile case of Do Kwon.
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