As a seasoned analyst with extensive experience in following global financial and legal developments, I find myself intrigued by the ongoing saga of Do Kwon, the elusive founder of Terraform Labs. The latest twist in this tale, the suspension of his extradition by Montenegro’s Constitutional Court, is yet another chapter in a story that seems to have more twists and turns than a suspense novel.
On October 18th, as reported by local media, the Constitutional Court of Montenegro postponed the process of extraditing Do Kwon, the former CEO and founder of Terraform Labs. Earlier reports from the Montenegrin Ministry of Justice indicated that a decision regarding Kwon’s extradition had been made and was set to be disclosed publicly on October 20th.
Courts need to coordinate
In September, the Supreme Court delegated the determination of where and whether Kwon should be extradited to the Justice Ministry. Both the U.S. and South Korea have made requests for Kwon’s extradition.
The Ministry stated that it was only informed about the postponement of the court’s decision at the very last moment by the Constitutional Court.
“That’s why we ask the Constitutional Court to act in this case as soon as possible and inform us about it without delay in the future.”
The court said it halted the extradition process until it rules on Kwon’s appeal.
Appeals and indecision
In March 2023, Kwon and the previous CFO of Terraform Labs, Han Chang-joon, were apprehended at Podgorica’s airport, the capital city of Montenegro. They were indicted for utilizing fraudulent passports and subsequently received a four-month imprisonment sentence in Montenegro.
Kwon and Han had been residing in Serbia, with Kwon having established a business there, despite the fact that a “Red Notice” for his apprehension was outstanding in South Korea through Interpol.
In November 2023, the High Court of Podgorica granted approval for Kwon’s extradition, but did not specify the country to which he would be sent. To date, a sequence of appeals and legal strategies have delayed his extradition. Conversely, Han was handed over to South Korea in February 2024.
In a civil lawsuit filed by the U.S. Securities and Exchange Commission in April, it was determined that Kwon is responsible for defrauding investors. It’s speculated that Kwon still has control over his cryptocurrency wallets, as someone connected to him transferred 1,075 Bitcoin (equivalent to approximately $62 million) from those wallets in September.
It’s not just Kwon who has sought sanctuary in Montenegro among crypto fugitives. Roman Ziemian, a key figure in the creation of the allegedly deceptive FuturoCoin (FTO) token, was apprehended in Podgorica in August. There are active arrest warrants for Ziemian in Poland and the United States.
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2024-10-18 23:16