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Montenegro Court Clears Path for Do Kwon’s Prosecution in US/South Korea Following UST Controversy

Do Kwon, the founder of Terraform Labs, has found himself entangled in a legal web spanning multiple nations. The latest update from a court website in Montenegro on November 24th confirms the possibility of his extradition to either the United States or South Korea.

The Viši sud u Podgorici, the Higher Court in Podgorica, issued a decision on November 17th regarding Kwon’s extradition. The court found legal grounds for the extradition of the South Korean national based on requests from both the Republic of Korea and the United States.

The charges against Kwon are extensive and range from alleged violations of financial investment laws to conspiracy to commit fraud. The Republic of Korea seeks his extradition for alleged offenses related to financial investment services and capital market laws. Simultaneously, the United States is pursuing Kwon over charges of conspiracy to commit fraud, involving sales contracts, securities trading, and interstate transfers, among other accusations.

Do Kwon, the cryptocurrency entrepreneur, who created the failed Terra (UST) stablecoin, is taken to court in Podgorica, Montenegro, March 24, 2023. REUTERS/Stevo Vasiljevic/File Photo

Initially, Kwon expressed consent for extradition to South Korea. However, the court’s decision was steered by international law and the established legal foundation by U.S. authorities, leading to the complex situation of determining the destination for his potential extradition.

This legal entanglement mirrors ongoing challenges within Terraform Labs. Co-founder Daniel Shin is presently undergoing trial in Seoul, facing charges of fraud, illegal fundraising, and breaches of capital market laws.

The court’s decision in Montenegro now places the fate of Do Kwon in the hands of the Minister of Justice, who will ultimately decide on the destination for his potential extradition. It’s a complex legal scenario involving multiple countries and underscores the gravity of the allegations against the Terraform Labs founder.

Kwon’s potential extradition could have significant implications not only for him personally but also for the future of Terraform Labs, a company that has made significant strides in the crypto and blockchain industry.

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