Do Kwon is the co-founder and CEO of Singapore-based Terraform Labs, the company behind the crashed stablecoin TerraUSD and cryptocurrency Luna.
Montenegro’s justice minister, Marko Kovac, reportedly said that a judge will decide whether Do Kwon will be extradited to the United States or South Korea, based on the gravity of crimes, location of committed offenses, sequence of requests, and citizenship of the suspects.
Montenegro authorities confirmed that both the US and South Korea have requested the extradition of Kwon, but Singapore has not yet officially submitted a request for extradition. South Korean police said that the identity of the suspect arrested in Montenegro had been confirmed as Kwon after his fingerprints matched the information held by the country’s National Police Agency (KNPA).
TerraUSD used a mix of algorithms and trader incentives involving a sister token, Luna, to maintain its $1 peg in May last year after a wave of sell-offs hit the crypto market.
US, South Korea, and Montenegro have all filed charges against Do Kwon, the disgraced crypto boss, following the crash of the Terra ecosystem. In New York, Kwon was charged with eight counts of fraud, including securities fraud, wire fraud, commodities fraud, and conspiracy.
In South Korea, he was charged with violating the Capital Markets Act and committing fraud. In Montenegro, prosecutors have said they will bring charges against Kwon and his aide for falsifying official documents, which could result in a maximum of six months in jail.
The Securities and Exchange Commission has also charged Terraform Labs and Kwon with defrauding US investors in mid-February.
Compiled by Coinbold