2023-11-24 19:00:51
Published24. November 2023, 8:00 p.m.
Montenegro: Green light for extradition of founder of cryptocurrency Terra
The Korean Do Kwon is in the sights of the United States and South Korea for the bankruptcy of its digital currency, which caused investors to lose some $40 billion in 2022.
Since his arrest in Montenegro, Do Kwon has been a source of controversy on the country’s political scene.
AFP
Montenegro’s courts approved on Friday the extradition of Do Kwon, South Korean founder of the Terra cryptocurrency, leaving it up to the government to decide whether he should be handed over to the United States or South Korea.
Arrested after several months on the run
“All legal prerequisites for extradition (of the suspect) are met,” the Podgorica High Court said in a statement. Seoul and Washington both claim the entrepreneur for his role in the fraud linked to the collapse of his company in 2022, which caused investors to lose some $40 billion.
The founder of Terraform, real name Kwon Do-hyung, had been on the run for months, having left South Korea, then Singapore before the bankruptcy of his company in May 2022. He was arrested in Montenegro for having used a false passport. As he is sought by several countries, the High Court of Podgorica indicated that, according to the law, the Minister of Justice should decide which one has priority.
“Political” extradition
Justice Minister Andrej Milovic refused to reveal which country Do Kwon would be deported to, but called the extradition “political.” “The United States is our main foreign policy partner. We want to sign a bilateral extradition agreement as soon as possible in order to create a legal framework for future extraditions,” he said on TV Vijesti television channel.
Since his arrest in Montenegro, Do Kwon has been a source of controversy on the country’s political scene. During the campaign for the parliamentary elections last June, a controversy broke out after interim Prime Minister Dritan Abazovic and his allies accused current Prime Minister Milojko Spajic of maintaining links with him.
(AFP)
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