Montenegro’s justice minister said that Terra Do Kwon’s founder will be tried, and possibly jailed, before he is extradited. The United States and Korea are seeking his extradition.
Intercepted last week at Podgorica airport by Montenegrin police with forged documents, Do Kwon is now the subject of extradition requests from the US and South Korea.
Montenegro’s justice minister said a judge would decide how to proceed and that if the suspects were convicted in Montenegro, they would have to serve their sentences there first. Hon Chang Joon, the CFO of Terraform Labs, was also arrested last Thursday along with Kwon.
The focus is on the legal proceedings in Montenegro. If they are convicted of the criminal offense of falsifying identity documents, only after serving their prison sentence will they be extradited,” Marko Kovac told the press.
The algorithmic stablecoin issued by startup Terraform lost its peg to the dollar last spring and never regained it. TerraUSD was supposed to hold its value at $1 through algorithms and its sister cryptocurrency LUNA.
Nearly $40 billion went up in smoke following the explosion of the Terra ecosystem, which subsequently triggered several high-profile bankruptcies, including the crypto hedge fund 3AC. This was one of the most notable events of 2022 along with the collapse of FTX in the fall.
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