- According to local news, South Korea is now seeking Interpol’s help for Do Kwon’s extradition from Montenegro.
- Terra co-founder has successfully appealed the high court extradition orders severally.
- Montenegrin court recently revoked U.S. extradition order amid fraud allegations.
South Korean authorities have escalated efforts to bring back Terraform Labs co-founder Do Kwon, who faces multiple charges, including securities fraud.
According to South Korean news agency Newsis, the South Korean National Police Agency and the Ministry of Justice have formally sought Interpol’s assistance in this high-profile case.
Do Kwon, former leader of Terraform Labs, has been on the radar of both U.S. and South Korean authorities for his alleged role in the collapse of the Terra ecosystem in May 2022. The collapse led to a staggering $40 billion loss for investors in a matter of days. Kwon, who was arrested in Montenegro last March for attempting to leave the country with a fake passport, has consistently denied the accusations of intentional fraud.
Do Kwon’s extradition setbacks
A recent setback occurred when a Montenegrin court revoked the recent Kwon’s extradition order to the U.S. The decision followed an appeal by Kwon’s defence team, challenging the extradition order’s validity.
The defence argued that misinformation regarding the sequence of extradition requests between the U.S. and South Korea influenced the court’s initial decision.
Kwon faces multiple charges, including securities fraud, in connection with the collapse of the Terra ecosystem in May 2022, which resulted in significant financial losses for investors.
Despite vehement denials from Kwon and Terraform Labs, both U.S. and South Korean authorities have pursued legal action against him.
The extradition saga underscores the complexities of international legal proceedings and the challenges posed by cross-border criminal investigations.
South Korean authorities remain steadfast in their pursuit of justice, seeking cooperation from global law enforcement agencies to hold Kwon accountable for his alleged involvement in fraudulent activities.
As the case unfolds, stakeholders closely monitor developments, recognizing the broader implications for regulatory enforcement and investor protection in the burgeoning cryptocurrency industry.