Benzinga - The High Court in Podgorica, Montenegro, approved the extradition of Do Kown, the co-founder and CEO of Terraform Labs (CRYPTO: LUNA), marking a pivotal moment in the ongoing legal proceedings against the crypto entrepreneur.
The court's ruling came in response to a request from South Korea's Ministry of Justice on March 29, 2023, and its subsequent amendment on Sept. 6, 2023.
The extradition is sought for Kwon to face criminal charges in South Korea related to violations of the Financial Investment Services and Capital Markets Act.
The charges include fraudulent unfair trading, severe punishment of certain economic crimes (fraud), and violations of the Capital Market and Financial Investment Act.
Additionally, the court also acknowledged a request for Kwon's extradition from the U.S., based on an indictment by the District Court of the Southern District of New York.
The U.S. charges include conspiracy to commit fraud related to the sale of goods, securities trading and interstate transfer of funds, among other offenses.
Despite Kwon consenting to a simplified extradition process to South Korea, the High Court in Podgorica decided to proceed with the formal ruling due to multiple extradition requests from different countries.
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The final decision on which country will have precedence in the extradition will be made by the Minister of Justice of Montenegro.
The extradition, if finally approved by the Minister of Justice, will be executed after the completion of a four-month prison sentence imposed on Kwon by the Basic Court in Podgorica for a separate charge of document forgery, as per Article 412 of the Criminal Code of Montenegro.
This development is a critical juncture in the legal saga surrounding Kwon, whose business activities have been under intense scrutiny in multiple jurisdictions.
The decision by the Montenegrin court adds another layer to the complex legal challenges faced by the cryptocurrency entrepreneur.
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