- Title: S.Korea, US seeking extradition of crypto entrepreneur Do Kwon
- Date: 29th March 2023
- Summary: PODGORICA, MONTENEGRO (MARCH 29, 2023) (REUTERS) MONTENEGRIN MINISTER OF JUSTICE, MARKO KOVAC, ENTERING THE MEDIA CONFERENCE (SOUNDBITE) (Montenegrin) MONTENEGRIN MINISTER OF JUSTICE, MARKO KOVAC, SAYING: "A few more facts that I can give you now are that a meeting was held with diplomatic representatives of the Republic of Korea in the Ministry of Foreign Affairs and in the Ministry of Justice of Montenegro, after which the request of the Republic of Korea for the extradition of these two persons was delivered, while the extradition of Do Jong Kwon was requested by the United States of America. If another country requests the extradition of the mentioned persons, the public will be informed about it in a timely manner.“ NEWS CONFERENCE IN PROGRESS (SOUNDBITE) (Montenegrin) MONTENEGRIN MINISTER OF JUSTICE, MARKO KOVAC, SAYING: "The High Court in Podgorica will decide when this person will be heard during the extradition proceedings and when he will be heard in connection with the extradition detention, naturally taking into account the dynamics and course of the proceedings that are currently before the Basic Court in Podgorica.“ PHOTOGRAPHER TAKING PICTURES (SOUNDBITE) (Montenegrin) MONTENEGRIN MINISTER OF JUSTICE, MARKO KOVAC, SAYING: "Also, I would like to state that in the case of multiple requests for extradition from different countries, due to the same or different criminal offences, when deciding to which country one or more persons will be extradited, the gravity of the criminal offence, the place of execution of the criminal offence, the order of receipt will be taken into account requests for extradition, as well as the citizenship of the person and other circumstances." NEWS CONFERENCE IN PROGRESS KOVAC LEAVING NEWS CONFERENCE PODGORICA, MONTENEGRO (RECENT - MARCH 24, 2023) (REUTERS) POLICE TAKING HANDCUFFED TERRAFORM LABS FOUNDER, DO KWON, INSIDE THE POLICE STATION VARIOUS STILL PHOTOGRAPHS OF HANDCUFFED DO KWON, TAKEN INSIDE THE POLICE STATION (MUTE)
- Embargoed: 12th April 2023 15:22
- Keywords: Do Kwon Montenegro South Korea Terraform labs crypto cryptocurrencies fraud
- Location: PODGORICA, MONTENEGRO
- City: PODGORICA, MONTENEGRO
- Country: Montenegro
- Topics: Crime/Law/Justice,Europe
- Reuters ID: LVA001124729032023RP1
- Aspect Ratio: 16:9
- Story Text:South Korea and the U.S. are seeking the extradition of Do Kwon, an international fugitive accused of a multibillion-dollar fraud, and another suspect arrested in Montenegro last week, Montenegrin Justice Minister Marko Kovac said on Wednesday (March 29).
"The extradition of Do Kwon (and the other suspect)... has been officially requested" by South Korea and the United States had asked for Do Kwon's extradition as well, Kovac told a news conference in the capital Podgorica.
Do Kwon, a South Korean national, is a cryptocurrency entrepreneur and former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022 and roiled cryptocurrency markets.
A U.S. indictment announced last week charged Do Kwon, who co-founded Terraform Labs and developed the TerraUSD and Luna currencies, with two counts each of securities fraud, wire fraud, commodities fraud, and conspiracy.
He presided over the two digital currencies that lost an estimated $40 billion or more last year. South Korean authorities issued an arrest warrant for him last September.
Kovac said the two had been charged in Montenegro with forging documents and would be extradited only after a trial and any sentence served in the small Adriatic republic.
Do Kwon and the second suspect - identified as Hon Chang Joon in a Montenegrin police statement - were detained on March 23 at Podgorica airport as they tried to board a flight to Dubai, according to Kovac.
Montenegrin police charged the two with forging official documents after police said they had found doctored Costa Rican passports, a separate set of Belgian passports, laptop computers, and other devices in their luggage.
Kovac said the South Korean and U.S. extradition requests also called for the handover of the computers.
A court in Podgorica ordered them placed in 30-day pre-trial detention.
(Production Stevo Vasiljievic, Fedja Grulovic, Hedy Beloucif) - Copyright Holder: REUTERS
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