According to an update published on the website of the Montenegrin Judiciary, a court in the country’s capital, Podgorica, has authorized the extradition of Do Kwon, the founder of Terra, to the United States or South Korea.
Kwon was apprehended within the nation in March after arresting fraudulent documents at the Podgorica airport.
As per the report, the final determination regarding Kwon’s extradition will be rendered by the Minister of Justice of Montenegro after the completion of his four-month incarceration in Montenegro for the offense of document forgery, as the Korean national has done so.
Following his apprehension in Montenegro, federal authorities in the United States have filed multiple counts of fraud charges against Kwon, in addition to pre-existing civil allegations in the United States and an ongoing investigation in South Korea about the terraUSD collapse a year ago.
Han Chang-Joon, an associate of Kwon’s, was convicted of document forgery and received a four-month prison sentence.
Their appeal was denied by the Montenegrin High Court, which deemed the sentence to be suitable.
After serving his sentence in Montenegro, Kwon may be extradited to the United States or South Korea.
In addition to being found guilty of document falsification, Han Chang-Joon received a four-month penitentiary sentence.
In April, Daniel Shin, a co-founder of Terraform Labs, faced an indictment in South Korea on charges of capital markets law violations. In connection with the investigation, prosecutors have frozen assets valued at $185 million.
Shin, for his part, has stated that he ceased employment with the organization two years prior and has disputed any involvement in the company’s demise.
