South Korea is waiting for Montenegro to extradite Do Kwon, co-founder of Terraform Labs, South Korea's justice minister said today (March 8). He was returned to the country after a Montenegrin court reportedly overturned its decision to extradite Do Kwon to the country. United State.
Mr. Park Sung-jae, Minister of Justice of South Korea, said Montenegro still has no contact with South Korea. However, the Ministry will take the necessary measures once it receives the official notification.
“I understand that during Mr. Kwon’s detention, there is not much left of Dohyung. Therefore, any measures taken must be taken quickly.”
Mr. Park said. She addressed Mr. Kwon by his full name in Korean.
Montenegro's Vijesti news service reported that the Court of Appeal overturned the Supreme Court's decision to extradite Mr. Kwon to the United States. Mr Kwon said he wanted to be sent back to South Korea.
Legal analysts say Mr. Kwon will receive a reduced sentence if convicted in South Korea. The maximum prison sentence for financial crimes is 40 years.
Reuters reported that the civil lawsuit filed by the US Securities and Exchange Commission (SEC) accusing Mr. Kwon of fraud is scheduled to begin on March 25, although Mr. Kwon is expected to miss the start of the trial. This is due to delays in extradition from Montenegro.
The Securities and Exchange Commission sued Mr. Kwon and Terraform. Labs in February after the cryptocurrency collapse. “TerraUSD” and Luna coin in May. 2022, with authorities saying it caused approximately $40 billion in damage to the cryptocurrency market.
The SEC accused Terraform and Mr. Kwon of misleading investors about the stability of TerraUSD, a “stablecoin” designed to keep its value at a fixed value of $1, and deceiving the exchange. The popular mobile payment app in South Korea uses Terraform's blockchain technology for transactions.
However, Mr Kwon denied any wrongdoing. Mr. Kwon also faces related criminal charges from the United States. He has been detained in Montenegro since his arrest in March last year.
Mr. Kwon is being prosecuted in a separate case in South Korea. Who also tried to arrest him
Kwon had previously appealed the court's decision in Podgorica, the capital of Montenegro. This ruled that Mr. Kwon should be extradited to the United States. Instead of his homeland, South Korea
By InfoQuest News Agency (March 08, 2024)
Tags: Montenegro, South Korea, Do Kwon
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