Co-founder of Terraform labs Do Kwon arrested for alleged crimes
Do Kwon the Co-founder of Terraform labs created the terra stablecoin. He was arrested in Montenegro earlier this week. This comes after he fled South Korea following the collapse of Terra. The collapse cost around $60 million in the crypto industry.
KEY TAKEAWAYS
- The co-founder of terra labs Do Kwon was allegedly found involved in the collapse of terra
- Kwon was arrested in Montenegro and will face prosecution
Kwon has become a fugitive following and South Korea is seeking his extradition so he can face prosecution for his alleged crimes. Recently Kwon’s arrest has been one of the biggest developments in the crypto industry. Moreover, this highlights the increasing scrutiny that regulators and governments are placing on the industry and its participants.
Prioritizing the prosecution of Kwon in Montenegro
The Justice Minister of Montenegro, Marko Kovac announced that both the United States and South Korea have requested the extradition of Do Kwon. While he was in Montenegro. Both countries are seeking Kwon to prosecute him for his alleged crimes.
Not only that Singapore has also requested Kwon’s detention but the request for extradition is still pending.
The court proceedings of Dokwon will be prioritized in Montenegro, as stated by the Justice Minister of Montenegro. He added to prioritize the proceedings over any other foreign extradition at the moment.
He has been convicted of several crimes and if found guilty of falsifying documents or any alleged crimes. Kwon will have to serve his time in prison before being extradited.
The decision on Kwon’s custody will be made after taking into account certain factors such as the severity of the crimes, the location of the offenses, and also in the order of received extradition requests. The decision rests with Montenegro’s High Court.
Furthermore, the detention period of Kwon has also been extended to 30 days. South Korea has issued an arrest warrant for Kwon. Not only that the South Korean administration has also put this case on Interpol red alert. meanwhile, the United States claims jurisdiction as American citizens were allegedly victims of the fraud at Terra.