Do Kwon Sent to US, Losing Battle to Face Law in South Korea
(Bloomberg) -- Montenegro extradited crypto mogul and Terraform Labs Pte. co-founder Do Kwon to the US, ending a standoff over competing extradition demands by the US and his native South Korea.
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“This extradition demonstrates our unwavering commitment to international justice and the rule of law,” Montenegro Prime Minister Milojko Spajic said on X after Kwon was handed over to FBI officials on Tuesday at the airport near the Balkan country’s capital.
A special unit of Montenegro’s police oversaw the extradition as FBI agents arrived to pick up Kwon, state broadcaster RTCG reported. For more than a year, Kwon’s defense tried to steer the process toward extradition to South Korea where penalties are less severe.
Terraform Labs Pte. co-founder Kwon, who faces charges in both New York and Seoul over the $40 billion collapse of the TerraUSD stablecoin in 2022, was arrested in Montenegro last year for traveling on a forged passport.
Terraform and Kwon personally were found liable for fraud following a US civil trial on Securities and Exchange Commission allegations in April. Terraform has agreed to pay $4.5 billion to settle the case with the SEC.
(Updates with details of extradition from first paragraph)
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