International news 4:35 p.m. 2024-03-08
South Korea’s justice minister said today (March 8) that South Korea is waiting for Montenegro to extradite Do Kwon, co-founder of Terraform Labs. Returned to the country after it was reported that a Montenegrin court had reversed its decision to extradite Do Kwon to the United States.
Mr. Park Sung-jae, Minister of Justice of South Korea, said Montenegro still has no contact with South Korea. But the Ministry Necessary measures will be taken once official notification is received.
“I understand that the period of Mr. Kwon’s detention There isn’t much Dohyung left. Therefore, whatever measures are taken must be taken quickly.”
Mr. Park said. It addressed Mr. Kwon by his full name in Korean.
Vijesti, the Montenegrin news service, reported that The appeals court overturned the High Court’s decision to extradite Mr. Kwon to the United States. Mr. Kwon said he wanted to be sent back to South Korea.
Legal analysts say Mr. Kwon will receive a lighter sentence if convicted in South Korea. The maximum prison sentence for financial crimes is 40 years.
Reuters news agency reported that The civil suit filed by the US Securities and Exchange Commission (SEC) accusing Mr. Kwon of fraud is It is scheduled to begin on March 25, although it is expected Mr Kwon will miss the start of the trial. This is due to the delay in extradition from Montenegro.
The SEC has filed a lawsuit against Mr. Kwon and Terraform. Labs in February following the cryptocurrency collapse. “TerraUSD” and the Luna coin in May. 2022, with authorities saying it caused approximately $40 billion in damages in the crypto market.
The SEC accused Terraform and Mr. Kwon of misleading investors about the stability of TerraUSD, a “stablecoin” designed to keep its value at a fixed value of $1, and deceiving the exchange. Popular South Korean mobile payment app uses Terraform’s blockchain for transactions
However, Mr. Kwon has denied any wrongdoing. Mr. Kwon also faces related criminal charges from the United States. and has been detained in Montenegro since his arrest in March last year.
Mr. Kwon has been sued in a separate case in South Korea. who also tried to arrest him
Mr Kwon had previously appealed the decision of a court in Montenegro’s capital, Podgorica. That ruled that Mr. Kwon should be extradited to the United States. Instead of his native South Korea
By InfoQuest News Agency (08 Mar. ’24)
Tags: Montenegro, South Korea, Do Kwon
#South #Korea #reveals #waiting #Montenegro #send #Kwon #country #InfoQuest
2024-03-08 09:52:06
