The US and South Korea are both seeking Do Kwon’s extradition to face charges

    Do Kwon, the founder of Terraform Labs, which operated the so-called TerraUSD stablecoin and its sister token LUNA, was arrested Thursday morning in Montenegro after months of hiding while trying to board a flight to flee Dubai with forged documents.

    Thursday evening — a few hours after Kwon was arrested at the airport in Montenegro’s capital Podgorica.– de U.S. prosecutors charged Kwon with eight criminal charges, including securities fraud and conspiracy his alleged roles in what wiped out approximately $40 billion from the crypto market. Interpol also confirmed on Thursday that the man being held in Montenegro is crypto fugitive Do Kwon or Do-Hyung Kwon, who is wanted in South Korea and the US on fraud charges. per CNN.

    What’s next? We do not know which country Kwon will be sent to as he is now facing criminal charges in both the US by the Ministry of Justice and Securities and Exchange Commission (SEC) and his native land, South Korea. Yet the US and South Korea both appear to be asking for Kwon’s extradition. (We’ll keep an eye on this in regards to how it would turn out.)

    US federal prosecutors Reportedly said they’d seek Kwon’s extradition to New York, while their Korean counterpart is also asking for Kwon’s extradition. A spokesperson for South Korean prosecutors told they are in talks with “related parties” to extradite Kwon as soon as possible. However, the spokesperson did not specify which country Kwon would be shifted to from Montenegro, or how long it is likely to take, and the identities of the related parties.

    Kwon faces a large number of criminal proceedings. Since the collapse of Terra/LUNA in May 2022, a South Korean court has issued an arrest warrant against him, and Interpol issued a red notice in September, calling on law enforcement around the world to capture Kwon, who said in September an interview with Coins in August that he was not accused of anything.

    In October, South Korean prosecutors reportedly asked the local foreign ministry to invalidate Kwon’s passport unless he returns it by September 15. (Kwon’s passport, which had not been returned at the time, appears to have been revoked.)

    The Singapore-based blockchain platform entrepreneur, who claimed he was not on the run but whose location was unknown, registered his address in Serbia through the United Arab Emirates in December, according to reports. Most recently, the US SEC charged Terraform Labs and Kwon with defrauding US investors who bought their crypto assets – Terra and LUNA.

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