Former Terraform Labs CEO Do Kwon is reportedly released from jail in Montenegro. However, Kwon remained under house arrest over the weekend.
He awaits the high court’s decision on extradition requests from South Korea and the United States.
Do Kwon Released From Montenegrin Prison
US and South Korean authorities want Do Kwon for his alleged participation in Terra’s collapse in 2022. Prosecutors believe the former crypto mogul played a huge role in the collapse that wiped off over $40 billion of customer funds.
Penalties for these crimes are less severe in South Korea than in the United States. US prosecutors filed eight felony charges against Kwon in March 2023. If extradited there, the Terra founder could face those charges.
DO KWON PLACED IN "RECEPTION CENTER" IN MONTENEGRO AFTER PRISON RELEASE
Kwon was reportedly interrogated by a local inspector for five hours before being moved to the camp. He is expected to remain guarded in the facility until the local court makes a new decision on his… pic.twitter.com/c921NzFrMl
— Mario Nawfal’s Roundtable (@RoundtableSpace) March 25, 2024
Montenegro’s detention chief, Darko Vukcevic, verified Kwon’s release in an interview. He noted that the Terra founder is currently in the police’s custody. Vukcevic told Bloomberg journalists, “We released Do Kwon from prison as his regular prison term for traveling with fake papers ended. Since he is a foreign citizen and his documents were withheld, he was taken for an interview to [the] police directorate for foreigners, and they will deal with him further.”
Goran Rodic, Kwon’s attorney, likewise attested to his release. Kwon’s passport has reportedly been withheld to keep him from fleeing the country. Rodic said he planned on filing an appeal with a court to keep Kwon free until his extradition.
Do Kwon head to the US or South Korea
Do Kwon looked all set to head to the US following a ruling from the Podgorica High Court. The Montenegro Appeals Court reversed the decision, citing violations of criminal procedure provisions.
Breaking: Do Kwon Lawyers are expecting to get the extradition to south korea by Montenegro Supreme Court within 2-5 days #Dokwon is already released from prison yesterday
If you are still fading $LUNA then you will be one who buy it with fomo at $10 👍$LUNA $USTC $LUNC pic.twitter.com/B06ZUDPuJi
— Lunc_Maxi (@Lunc_Maxi) March 24, 2024
The ruling appeared to give South Korea an edge over the US. However, the US plans to challenge the decision. US officials could submit an appeal before the Montenegrin Supreme Court. Kwon’s camp, it seems, is in support of him going back to South Korea since it will keep him closer to his family.
BREAKING: Do Kwon is finally being extradited to South Korea
The rejection of Do Kwon’s appeal upholds the prior decision by the High Court to extradite him to South Korea, which had also turned down an extradition plea from the US.
— Xyz (@unkonwncyber) March 21, 2024
Montenegrin authorities arrested Kwon in 2023 for trying to travel with fake documents. The Terra founder was one of the biggest names in crypto before his decline. He joins Bankman-Fried and Alex Mashinsky as some of the most disgraced crypto figures of the last year.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
