Montenegro is expected to extradite “to cryptovalutes”

Montenegrin Justice Minister Marko Kovak said on March 29th that the United States and South Korea are seeking extradition of Do Kwon, the former executive director and co-founder of the cryptova peace company, Terraform Labs, which is suspected of losing investments worth more than $40 billion.

Do Kwon and his business partner, Hon Chang Yoon, were arrested in Montenegro on March 23rd, as they were trying to flee to Dubai with forged documents, according to the MD.

Kovak said South Korea has requested the extradition of both. And the U.S. has requested the extradition of Do Kwon.

The U.S. accuses him of <x0);orkstrim of a billion-dollar fraud of letters worth crypto”.

“The existence of the international arrest warrant for these two people and the submitted extradition request sets the stage for the start of the extradition procedure”, Kovac said at a media conference in Podgorica on 29 March.

The minister said he would inform the public if any other country would submit a request for extradition.

If we get some extradition requests, I want to say that the definition of which state they will be extradited will be based on certain factors, such as the weight of the criminal act committed, the location and time when the work was carried out, the order in which we received the extradition request, and several other factors”, he said.

He added that the US and South Korea have also sought out laptops seized by the two suspects.

A day after the arrest, on March 24th, Montenegro accused both of falsification. They were assigned detention measures by Montenegrin authorities, which could last a maximum of 30 days.

Do Kwon is wanted by the United States, South Korea and Singapore for what the US Price and Letters Commission (SEC) calls “orcetrim of a billion-dollar fraud of crypto” asset assets.

“We claim that Terraform and Do Kwon failed to provide the public with a complete, fair and true discovery, as required for a host of letters worth crypto assets, especially for Luna and the USD”, SEC Chairman Gary Genssler said in a statement in February.

“We also claim that [Traform and Kwon] committed fraud by repeating false and fraudulent statements to build confidence before causing devastating losses for investors”, he added.

Many investors lost their savings when Luna and Terra USD collapsed, falling to a value near zero. The consequences of the Terraform Labs collapse also affected the wider cryptova peace market. / REL