The downfall of Terra and its co-founder, Do Kwon, was a significant crisis in 2022. The event had far-reaching implications for the cryptocurrency industry. It led to the collapse of several other companies and triggered a decline in cryptocurrency valuations throughout the year.
In recent news, Cointia reported on the arrest of Terra’s boss in Montenegro and also on a video of him leaving the court in handcuffs. Now, according to the latest details from a press conference by Montenegro Justice Minister Marko Kovac, the extradition of Do Kwon has been requested by South Korea and the US.
Do Kwon faces extradition demands from multiple nations
Kovac said at the conference: “Primacy is given to the court proceedings led in Montenegro.” “If they are convicted for the criminal offense of falsifying identification documents, only after they served their prison sentence is it expected that they will be extradited.”
The statement clarifies that the minister is giving primary importance to the Montenegro court proceedings. This is due to the fact that Kwon was arrested while traveling with falsified documents.
Following the collapse of the TerraUSD (UST) stablecoin, Kwon and his business associate Han Chang Joon were arrested. The duo is currently the subject of an international warrant issued by South Korea. The news of Terra’s boss definitely made headlines, as several nations wanted Kwon to be extradited to their respective nations.
However, it should be noted that Kwon is a South Korean citizen. Also, the interest of the US in extradition is due to the intensity of the effects of Terra’s collapse.