- Do Kwon’s extradition from Montenegro is finally set to proceed.
- The former Terraform Labs CEO is facing charges of market manipulation and fraud.
- The trial date for the SEC’s case against Do Kwon is set for next month.
Do Kwon, the co-founder and former CEO of Terraform Labs, has been on a year-long run, dodging attempts by regulatory authorities to extradite him for criminal charges relating to the May 2022 UST collapse.
Most recently, the disgraced crypto mogul secured victory in his appeal against his extradition approval by the High Court of Podgorica, granting him additional time to evade responsibility for his wrongdoings.
However, Kwon’s days of hide and seek may be numbered as ongoing efforts to secure his extradition make headway.
Do Kwon Faces Extradition to the U.S
According to local reports on Wednesday, February 21, the High Court of Podgorica announced that Do Kwon’s extradition to the United States will proceed.
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The approval reportedly followed the court’s rejection of a bid by Kwon’s home country, South Korea, to extradite the former Terra CEO as part of its ongoing efforts to secure his release and convict him on criminal charges.
The report added that the decision to approve Do Kwon’s extradition to the United States rather than South Korea is politically motivated, citing the government’s mission to establish a functional extradition agreement with the US.
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Kwon’s lawyers reportedly have three days to appeal the ruling. While the extradition date is undisclosed, it is expected to occur before the scheduled trial date for the disgraced crypto mogul and the SEC in the coming month.
SEC vs. Do Kwon & Terraform Labs
Over the past months, the United States Securities and Exchange Commission (SEC) has intensified its year-long legal battle against Do Kwon, securing a trial date.
While it was originally slated for the January 29 trial, Kwon’s legal team filed to postpone it, citing his ongoing sentence in Europe and the unlikelihood of his presence in the United States by January.
Supporting the request, the commission emphasized that while it is “fully prepared, willing, and able to proceed” with a trial against Known as scheduled, it acknowledges the necessity of Kwon’s physical presence.
The trial is now set for March 25, 2024, when Kwon will face the charges of orchestrating a “multi-billion dollar crypto asset securities fraud” and deceptively touting the stability and credibility of UST to investors for personal gain.
On the Flipside
- On February 5, 2024, the South Korean government secured the extradition of Terraform Labs’ former chief financial officer, Han Chang-joon, who now faces life in prison.
- Do Kwon still faces criminal charges in Singapore and South Korea.
- The Terraform Labs’ co-founder faces up to 40 years behind bars if convicted.
Why This Matters
The Podgorica High Court’s approval of Do Kwon’s extradition to the United States marks a breakthrough for the year-long efforts to indict him, bringing the industry closer to justice on the 2022 financial implosion.
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