South Korea and the United States seek the extradition of crypto entrepreneur Do Kwon -Montenegro

Do Kwon, the cryptocurrency entrepreneur, who created the failing stablecoin Terra (UST), is arraigned in handcuffs, to face charges of falsifying official documents, in Podgorica, Montenegro, March 24, 2023. REUTERS/Stevo Vasiljevic

Podgorica: South Korea and the United States are seeking the extradition of Do Kwon, an international fugitive accused of billion-dollar fraud, and another suspect arrested in Montenegro last week, the Montenegrin minister said on Wednesday. of Justice Marko Kovac.

Do Kwon, a South Korean national, is a cryptocurrency entrepreneur and former CEO of South Korea-based Terraform Labs, the company behind the TerraUSD stablecoin which collapsed in May 2022 and upended the cryptocurrency markets.

A US indictment announced last week charged Do Kwon, who co-founded Terraform Labs and developed the TerraUSD and Luna currencies, with two counts each of securities fraud, wire fraud, raw materials and conspiracy.

He chaired the two digital currencies that lost around $40 billion or more last year. South Korean authorities issued an arrest warrant for him last September.

“The extradition of Do Kwon (and the other suspect)…has been officially requested” by South Korea and the United States has also requested Do Kwon’s extradition, Kovac said during a press conference in the capital Podgorica.

But Kovac said the pair had been charged in Montenegro with false documents and would only be extradited after a trial and any time served in the tiny Adriatic republic.

Do Kwon and the second suspect – identified as Hon Chang Joon in a Montenegrin police statement – ​​were arrested on March 23 at Podgorica airport as they attempted to board a flight to Dubai, according to Kovac.

Montenegrin police accused the pair of falsifying official documents after police said they found doctored Costa Rican passports, a separate set of Belgian passports, laptops and other devices in their luggage.

Kovac said extradition requests from South Korea and the United States also called for the computers to be handed over.

A court in Podgorica ordered their remand in custody for 30 days.

Read all Latest news, New trends, Cricket News, bollywood news,
India News And Entertainment News here. follow us on Facebook, Twitter And instagram.