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INTERNATIONAL BUSINESS TIMES NEWSLETTER SIGNUP My account Log Out Dec 08, 2:52 AM EST World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion NEWSLETTER My account Log Out US Edition World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion Listings & More Spotlight Glossary SMB Forum Glossary K-Wave CEO Spotlight Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States NEWSLETTER Follow Us Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States Crypto Crypto Business Montenegro's Extradition Plan Might Not Bode Well For Do Kwon's Legal Odyssey By Nica Osorio @nicaIBTimes 12/08/23 AT 2:52 AM EST Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard Share on Pocket AFP KEY POINTS The High Court of Podgorica last month "approved the extradition" of Kwon to either the U.S. or his home country South Korea Kwon appealed the decision this month There is no official statement yet on where the crypto executive will be extradited Do Kwon, the disgraced former CEO of Terraform Labs, has been exhausting all legal means to achieve victory. However, the latest report that Montenegro is planning to extradite him to the U.S. and not to his home country might not bode well for the crypto executive's legal battle. Kwon is currently serving a four-month prison sentence in Montenegro for possession of fake travel documents. The Balkan country's Ministry of Justice has to decide before Dec. 15 which country he will be deported to. Last month , the High Court of Podgorica "approved the extradition" of Kwon to either the U.S. or his home country South Korea. However, the crypto entrepreneur's last-ditch appeal this month compelled the country's Court of Appeal to review the high court's decision. While a legal tug-of-war between Kwon's camp and the Montenegrin government is expected, there is no official statement on where the crypto executive will be extradited. However, it appears Justice Minister Andrej Milovic has already decided where to send the embattled crypto executive even before it is publicly announced. During closed-door discussions, Milovic told other officials his plan to send Kwon to the U.S., particularly when he met U.S. ambassador to Montenegro Judy Rising Reinke, the Wall Street Journal reported Thursday . Kwon is facing multiple criminal charges in the U.S. The outlet quoted the justice minister as saying that "the public will be informed of the decision in a timely manner." While Goran Rodic, Kwon's Montenegrin lawyer, could not confirm where his client will face criminal charges, he did not discount the possibility that the fallen crypto mogul could be deported to the U.S. Kwon has lawsuits waiting for him in his home country, as well as in Singapore. The U.S. Securities and Exchange Commission (SEC), along with several other government agencies and regulators, charged Kwon with eight criminal counts, including wire fraud, commodities fraud, securities fraud and conspiracy to defraud and engage in market manipulation earlier this year. U.S. prosecutors also charged him with orchestrating a years-long cryptocurrency fraud that wiped out at least $40 billion investment. The Terra ecosystem imploded in May 2021 after its so-called algorithmic stablecoin, TerraUSD (UST), depegged from the dollar and its sister token LUNA crashed to zero. Read more Montenegro Court Of Appeal To Review Decision On Do Kwon's Extradition SEC Got Help From Whistleblowers To Build Fraud Case Against Do Kwon And Terraform Labs: Lawyers Bankman-Fried's Decision On Post-Trial Motions Hints At Possible Appeal © Copyright IBTimes 2023. All rights reserved. Join the Discussion MOST READ IN Crypto 1 Bitcoin Could Reach A Local Top At $48K As Traders 'Buy The Rumor, Sell The Fact' 2 Bitcoin Soars To $44K As BlackRock Irons Out Spot BTC ETF Prospectus 3 Shiba Inu 'Eats A Zero,' Burn Rate Surges 7M% As Devs Destroy Over 8 Billion SHIB 4 Montenegro Court Of Appeal To Review Decision On Do Kwon's Extradition 5 Shytoshi Kusama Teases Shib Army, Spills Plan For Doge-Killer LEASH NEWS World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Opinion Featured Social Capital Glossary SMB Forum Spotlight Crypto K-Wave CEO Spotlight ABOUT About Us Contact us Advertise with us Terms & Conditions Privacy Policy Cookie Policy Editions United States Australia Brazil Colombia France Germany Indonesia India International Italy Editions Japan Nigeria Singapore South Africa South Korea Spain Mexico United Kingdom FOLLOW US Facebook Twitter LinkedIn Newsletter © Copyright 2023 IBTimes LLC. All Rights Reserved.
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