U.S. and South Korea vying for Do Kwon trial; extradition destination uncertain

Bloomberg reports that the US and South Korea are both aiming to prosecute Terra founder Dokwon, and his next destination is unknown. March 29th.

Kwon is indicted in multiple countries

Kwon is currently being held in Montenegro. Court proceedings underway in South Korea are currently determining where Kwon will stand trial.

Montenegro’s Minister of Justice Marco Kovac said the severity of Kwong’s crime, the location of the crime and the order of the demands would determine Kwon’s next destination.

According to Kovac, Kwon’s citizenship is also relevant. Although he did not elaborate, Kwon is a South Korean citizen and is not believed to have dual citizenship with the United States.

In the United States and South Korea, Kwon faces various fraud charges related to Terraform Labs, a failed cryptocurrency and stablecoin company.

Bloomberg noted that the US and South Korea do not have an extradition agreement with Montenegro, but do have other international agreements. The two sides could reach an agreement, and Kwon himself could object to the extradition.

Kwon was also initially arrested in Montenegro on suspicion of possessing counterfeit documents. As such, he may need to serve time in Montenegro on these charges before he faces the justice system in either country.

The collapse of the earth occurred almost a year ago

Terra originally collapsed in May 2022. These latest proceedings are only part of an investigation into the project and its founders.

Both the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) are investigating Terra’s collapse. Singapore is also investigating the issue. Terra co-founder Daniel Shin is also wanted by the authorities.

Terra’s UST stablecoin has long lost its dollar peg and is now worth $0.02. Terra Luna Classic (LUNC) has also lost virtually all of its value since May 2022, but still retains its market cap of $733 million, making it the 67th largest cryptocurrency. I’m here.