Terra

Do Kwon, the brains behind Terraform Labs, is on the verge of being sent back to South Korea from Montenegro after an important court decision slated for after March 23. This revelation came from Kwon’s lawyer in a discussion with media outlets.<a href="https://www.coindesk.com/policy/2024/03/07/do-kwon-can-be-extradited-to-south-korea-montenegrin-court-rules-reports/" rel="noopener noreferrer nofollow" target="_blank"> </a>
The story of Kwon’s evasion is nothing short of a spy thriller. For months, he managed to stay one step ahead of South Korean law enforcement, weaving through countries until Montenegro’s grip tightened around him. The reason? Kwon, along with a key <a href="https://www.cryptopolitan.com/terraform-lab-defend-legal-spending-against-sec/" data-type="post" data-id="477963" rel="noopener noreferrer nofollow">Terra</a> executive, Han Chang-joon, got caught trying to cross borders with fake papers. Chang-joon, interestingly, had already been shipped back to South Korea the previous February.
Kwon’s not just cooling his heels in Montenegro for the scenery. He’s there serving time, four months to be exact, for those forged documents he was caught with. Post his stint in jail, his lawyer, Goran Rodic, made it clear that Kwon’s next stop is likely South Korea. According to Rodic, everything’s by the book, matching up with the evidence they’ve got stacked. But as for whether Kwon’s thinking of contesting this latest twist, Rodic’s lips are sealed.
The plot thickens with not just South Korea but also the U.S. wanting a piece of Kwon. The States have their own beef with him, eyeing a trial for securities fraud. Yet, amidst this tug-of-war, Montenegro’s courts have made their stance clear – Kwon’s future lies in South Korea, not the U.S. This decision didn’t just pop up overnight; it’s the culmination of a year’s worth of legal tussles, appeals, and a lot of courtroom drama. Both the U.S. and South Korea have been locked in a battle for custody, given the high stakes involved.
Local media in Montenegro spilled the beans on this decision on March 7, hinting that this might just be the final curtain for Kwon’s extradition saga. However, the exact schedule for this extradition isn’t set in stone, mainly because, as of the last updates, no official paperwork has been filed. But with Kwon still serving time until March 23 for his forgery antics, it’s a safe bet nothing’s happening before then.
It turns out, South Korea’s been pretty proactive, getting Interpol involved to ensure Kwon makes his way back to face the music. And it’s not just Kwon in the hot seat; Terra co-founder Daniel Shin is also entangled in his own legal battle back home, accused of fraud among other things.
Kwon’s brush with the law in Montenegro kicked off last year over a fake passport incident. This wasn’t a solo flight; he had company, Terra’s former CFO, Han Chang-Joon, who’s already been extradited. Initially, Montenegro seemed inclined to send Kwon to the U.S., possibly due to stronger ties. However, an appellate court threw a wrench in the works, citing issues with criminal procedure laws, and demanded a retrial.
For a while, it seemed like Kwon might have found a loophole to avoid extradition to the U.S., thanks to the appellate court’s decision on March 5. But it’s not just about where Kwon ends up; it’s about holding him accountable. The U.S. and South Korea are both on the same page here, each wanting to try Kwon within their own legal systems for his role in the spectacular crash of Terra’s UST stablecoin, a fiasco that wiped out more than $40 billion.

Montenegro court gives nod to extradition of Do Kwon to South Korea

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