A court in Podgorica, the capital of Montenegro, has approved the extradition of Terra’s founder, Do Kwon, to South Korea or the United States. This can be seen on the judicial authority’s website.
Kwon was arrested in the country in March after being arrested at Podgorica airport. He wanted to leave the country, but tried to do so with false documents.
The final decision on extradition will be made by the Minister of Justice of Montenegro. He chooses whether the man will be sent either to South Korea or to the United States. Kwon has just completed a four-month prison sentence for forging a passport.
The South Korean is the mastermind behind TerraUSD and LUNA, two cryptocurrency projects that collapsed last year. Billions were lost when the algorithmic stablecoin turned out to be not stable at all. Authorities from various countries began investigating the incident.
Kwon was facing numerous fraud charges from the United States, and in addition to some civil charges in the United States and an ongoing investigation in South Korea, he was finally arrested in Montenegro.
Now that this sentence is almost over, he could be extradited either to South Korea or to the United States. The judge has now agreed.
In April, Daniel Shin, co-founder of Terraform Labs, was also charged in South Korea with violating the capital markets law. Additional assets worth $185 million were also frozen.
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