Montenegro’s Minister of Justice, Bojan Božović, has signed an order to extradite Terraform Labs co-founder Do Kwon to the US.
Montenegro’s Supreme Courtroom lately decided that each one authorized circumstances for Kwon’s extradition had been met. Following this ruling, the Ministry of Justice evaluated the competing requests and concluded that the US request favored essentially the most authorized standards.
Minister Božović subsequently signed the decree approving Kwon’s extradition to the US, denying South Korea’s request.
In an announcement, the Justice Ministry outlined its reasoning, noting elements such because the severity of the alleged crimes, the placement of their fee, the timing of the requests, and Kwon’s citizenship.
The choice comes after months of authorized deliberation and competing extradition requests from each the US and South Korea. Not too long ago, Montenegro’s Constitutional Courtroom unanimously rejected Kwon’s enchantment to keep away from extradition, alleging authorized points.
Kwon’s authorized group has raised issues about extradition, claiming that the Montenegrian justice system violated his elementary rights by refusing to determine on their requests, infringing on their shopper’s rights to protection and authorized treatment.
Probably finish of a prolonged battle
Kwon faces vital authorized challenges within the US. In February 2023, the US Securities and Trade Fee (SEC) filed a lawsuit in opposition to Kwon and Terraform Labs, alleging they misled buyers concerning the stability of TerraUSD and the usage of Terraform’s blockchain know-how in a well-liked Korean cell fee app.
One month later, authorities apprehended Kwon whereas making an attempt to journey from Montenegro utilizing a counterfeit passport.
Authorities have charged him with varied offenses associated to the collapse of TerraUSD and Luna tokens, which precipitated roughly $40 billion in losses. Moreover, in June, a US court docket fined Kwon $4.5 billion after failing to settle the civil lawsuit with the SEC.
In the meantime, South Korea has additionally signaled a powerful curiosity in prosecuting Kwon. The Appellate Courtroom beforehand upheld a choice to prioritize South Korea’s extradition request over the US.
Nonetheless, former Montenegrian Justice Minister Andrej Milović argued that Prime Minister Milojko Spajić used the extradition as leverage for a 30-year concession for the nation’s airports with South Korea.
