Do Kwon of Terraform Labs has been released from a Montenegrin prison
Do Kwon of Terraform Labs has been released from a Montenegrin prison

Authorities in Montenegro released Terraform Labs co-founder Do Kwon from prison last Saturday after his extradition to South Korea was overturned by the country’s Supreme Court, according to a Bloomberg report. However, he cannot leave Montenegro because his passport has been impounded.

“We released Do Kwon from prison after his regular prison term for traveling with false documents expired,” the director of Montenegro, where Kwon was detained, told the publication.

“As he is a foreign national and his documents have been withheld, he has been taken to the Police Directorate for Foreigners for an interview and they will deal with him further.

The release came a day after the Balkan country’s Supreme Court overturned a lower court’s earlier decision to extradite him to South Korea, Kwon’s home country. The high court’s order came after the Balkan country’s attorney general challenged a lower court’s earlier order, citing procedural errors.

Crypto Mogul to Fugitive

Kwon is known for founding Terraform Labs. However, the project’s two cryptocurrencies, TerraUSD and Luna, crashed in 2022, causing the disappearance of about $37 billion in value. The collapse of the algorithmic stablecoin also caused the closure and collapse of several other cryptocurrency companies.

Kwon disappeared from public view immediately following his company’s bankruptcy, but was arrested in Montenegro last year while traveling on false travel documents. Both South Korea and the United States have sought to extradite him since his arrest. Although South Korea has not disclosed the charges against him, US prosecutors are ready to file eight charges against him.

Additionally, the US Securities and Exchange Commission filed civil charges against Terraform Labs and Kwon.

Now, with the order of the Supreme Court of Montenegro, the possibility of Kwon being extradited to the US has been revived.

Authorities in Montenegro released Terraform Labs co-founder Do Kwon from prison last Saturday after his extradition to South Korea was overturned by the country’s Supreme Court, according to a Bloomberg report. However, he cannot leave Montenegro because his passport has been impounded.

“We released Do Kwon from prison after his regular prison term for traveling with false documents expired,” the director of Montenegro, where Kwon was detained, told the publication.

“As he is a foreign national and his documents have been withheld, he has been taken to the Police Directorate for Foreigners for an interview and they will deal with him further.

The release came a day after the Balkan country’s Supreme Court overturned a lower court’s earlier decision to extradite him to South Korea, Kwon’s home country. The high court’s order came after the Balkan country’s attorney general challenged a lower court’s earlier order, citing procedural errors.

Crypto Mogul to Fugitive

Kwon is known for founding Terraform Labs. However, the project’s two cryptocurrencies, TerraUSD and Luna, crashed in 2022, causing the disappearance of about $37 billion in value. The collapse of the algorithmic stablecoin also caused the closure and collapse of several other cryptocurrency companies.

Kwon disappeared from public view immediately following his company’s bankruptcy, but was arrested in Montenegro last year while traveling on false travel documents. Both South Korea and the United States have sought to extradite him since his arrest. Although South Korea has not disclosed the charges against him, US prosecutors are ready to file eight charges against him.

Additionally, the US Securities and Exchange Commission filed civil charges against Terraform Labs and Kwon.

Now, with the order of the Supreme Court of Montenegro, the possibility of Kwon being extradited to the US has been revived.

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