The saga of Terraform Labs co-founder Do Kwon continues to unfold, with a court in Montenegro approving his extradition to both South Korea or the United States.
The High Court of Podgorica has decided the authorized necessities for Kwon’s extradition, in response to an official assertion posted on the court’s web site on Nov. 24.
As the court approved Kwon’s extradition to both the U.S. or South Korea, the ultimate choice on his extradition will likely be made by Montenegro’s minister of justice, the announcement notes.
Previously, a court in Montenegro sentenced Kwon to four months in jail after discovering him responsible of utilizing a cast passport to attempt to flee to Dubai through personal jet. In June 2023, Kwon was reportedly charged with trying to go away the nation utilizing a faux Costa Rican passport.
If the minister of justice permits the ultimate extradition of the defendant, the extradition will happen after the execution of the legal sanction introduced earlier than within the case of cast paperwork, the court assertion notes.
Related: SEC seeks summary judgment in Do Kwon and Terraform Labs case
Kwon was arrested in Montenegro in March 2023 for his function within the $40-billion collapse of the Terra ecosystem in May 2022. As each the U.S. and South Korea subsequently requested Kwon’s extradition, some prosecutors advised that the Terraform Labs co-founder may very well be subject to multiple sentences in both countries.
In the U.S., Kwon is facing a fraud-related civil lawsuit from the Securities and Exchange Commission alongside a number of legal fees by the Justice Department over the collapse of TerraUSD and LUNA. If Kwon is extradited to South Korea, he might reportedly face a 40-year jail sentence in the country, the place he allegedly dedicated most of his crimes.
Last week, Montenegro’s highest court reportedly denied Kwon’s attraction, forcing him to stay imprisoned. According to on-line stories, Kwon is at the moment being held at Spuž jail close to the Montenegrin capital of Podgorica, the place he’s allowed to go exterior for one hour day by day. European officers reportedly stated that the jail is cramped and poorly ventilated.
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