Do Kwon, South Korean cryptocurrency mogul, will be extradited from Montenegro to the United States (US) over the collapse of two digital tokens – TerraUSD and Luna tokens.
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| South Korean Cryptocurrency mogul, Do Kwon, in custody of Montenegrin Police. Photo: AP Photo/Risto Bozovic via apnews.com |
The US and South Korea have been seeking Kwon’s extradition for months, alleging that fraud led to the failure of the company behind the tokens, which sunk some $40bn (£31.7bn) from investors and rocked global crypto markets.
The matter had to be taken to the courts as Montenegro does not have extradition treaties with the US or South Korea.
The decision puts to an end to over eighteen (18) months of rulings and reversals.
Via a statement, the Ministry of Justice announced: “The Minister of Justice, Bojan Bozovic, issued a decision approving the extradition of the accused, Kwon Do Hyung, to the United States of America.
“It was concluded that the majority of the criteria prescribed by law favour the extradition request from the competent authorities of the United States of America.”
