U.S. and South Korea vying for Do Kwon trial; extradition destination uncertain

The U.S. and South Korea each intention to prosecute Terra founder Do Kwon, making his subsequent vacation spot unclear, in line with a report from Bloomberg on March 29.

Kwon faces fees in a number of international locations

At the moment, Kwon is being held in Montenegro. Ongoing court docket proceedings within the nation are actually figuring out the place Kwon will go to face trial.

Montenegro justice minister Marko Kovac stated the seriousness of Kwon’s crimes, the placement of his offenses, and the order of requests will decide Kwon’s subsequent vacation spot.

Kwon’s citizenship may even come into play, in line with Kovac. Although he didn’t elaborate, Kwon is a citizen of South Korea and isn’t believed to have twin citizenship with the U.S. This presumably is one level in favor of extradition to South Korea.

In the US and South Korea, Kwon faces assorted fees of fraud associated to his failed cryptocurrency and stablecoin firm Terraform Labs.

Bloomberg famous that the U.S. and South Korea do not need extradition agreements with Montenegro however produce other worldwide preparations. The 2 nations may additionally come to an settlement, and Kwon himself may problem extradition.

Moreover, Kwon was initially arrested in Montenegro, the place he was charged with touring with false paperwork. As such, he could must serve time in Montenegro on these fees earlier than he faces the justice programs of both nation.

Terra collapse occurred almost one 12 months in the past

Terra initially collapsed in Might 2022, and these newest proceedings are only one a part of the investigation into the venture and its founders.

The U.S. Division of Justice (DOJ) and the U.S. Securities and Change Fee (SEC) are each probing the collapse of Terra. Singapore is investigating the matter as effectively. Terra co-founder Daniel Shin can be needed by authorities.

Terra’s UST stablecoin has lengthy misplaced its greenback peg and is now valued at $0.02. Terra Luna Basic (LUNC) has additionally misplaced nearly all of its worth since Might 2022 however however maintains a market cap of $733 million, making it the 67th largest cryptocurrency.