• Terraform Labs co-founder Do Kwon has been arrested in Montenegro after fleeing South Korea.
• The US and South Korea are seeking extradition of Kwon to face prosecution.
• Justice Minister Marko Kovac of Montenegro has stated that local proceedings will take precedence over any foreign requests.
Arrest of Do Kwon
Terraform Labs co-founder Do Kwon was captured in Montenegro earlier this week, months after he fled his home country of South Korea following the collapse of Terra which wiped out $60 billion from the crypto industry.
The United States and South Korea have both requested the extradition of Do Kwon in order to prosecute him for the fraud he perpetrated last year. Singapore had also requested Kwon’s detention, however no request for extradition was made from them.
Local Proceedings Take Precedence
Justice Minister Marko Kovac revealed in a press conference that no such request had been received from Singapore yet, but if convicted for criminal offense of falsifying identification documents, only then can they be extradited once they served their prison sentence. The final decision regarding Do Kwon’s custody will be made by Montenegro’s high court.
Outstanding International Warrant
South Korea currently holds an outstanding international warrant against Kwon along with Interpol red alert while the United States claimed jurisdiction based on the fact that American citizens were victims of fraud at Terra as well. Meanwhile, his detention period has been extended to 30 days till further notice is given.
Do Kwon’s arrest has become one of the biggest developments in crypto industry so far and both countries are working towards securing his custody to answer for his crimes and face prosecution accordingly. The gravity of crimes committed, location and sequence of requests will all be taken into consideration when deciding about extradition or not before considering any foreign requests for custody or return back to home country (South Korea).