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Cryptocurrency News Articles
Do Kwon to Return to South Korea After Montenegrin Court Rules in Favor of Extradition
Aug 02, 2024 at 04:26 pm
Finally, Do Kwon will be able to return to his native country, South Korea, but he will also face significant legal hurdles there.
Do Kwon, co-founder of South Korean blockchain firm Terraform Labs, will be returning to his native country after a Montenegrin court ruled to extradite him to South Korea.
Kwon faces significant legal hurdles in South Korea, where he is accused of being involved in a major cryptocurrency scheme that caused significant financial losses to investors. The South Korean government has been actively seeking his return to face justice.
This decision comes after both South Korea and the United States requested Kwon’s extradition. However, the court ultimately decided to send him to South Korea, where the charges against him are more severe.
Earlier this year, Kwon was arrested in Montenegro on charges related to the use of forged documents to hide personal identity. He was later released on bail pending the extradition decision.
It is worth noting that the American securities regulatory body, the SEC, dropped the fraud case against Kwon after Terraform Labs settled the case by admitting all charges. As a part of the settlement, the TerraForm labs will pay a charge of $4.5 billion to the SEC body.
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