Do Kwon, the fallen crypto tycoon might be getting back to the U.S. to face criminal charges over securities violations. The charges include Wire fraud, Commodities fraud, Securities fraud, Conspiracy to defraud, and Market manipulation.
Do Kwon face extradition dilemma
According to the WSJ report, Montenegro’s Justice Minister, Andrej Milovic, is leaning towards sending crypto tycoon Do Kwon to the U.S. rather than South Korea to face criminal charges. The fallen crypto tycoon has been in Montenegro’s custody since March. However, both the U.S. and South Korea are seeking his extradition over fraud and securities-law violations related to the $40 billion crash of his TerraUSD and Luna cryptos back in May 2022.
The Montenegro court recently approved Kwon’s extradition but it left the final decision to Justice Minister Milovic. The report mentioned that the minister is expected to announce his decision after the country’s courts rule on Kwon’s kind of last-ditch appeal against the extradition ruling. The fallen crypto tycoon has been sentenced to four months in prison in Podgorica for falsifying travel documents.
Decision pending on minister’s call
It is important to note that the Higher Court in Podgorica, which approved his extradition, highlighted that Kwon had given consent to be deported to South Korea. However, by applying multiple extradition requests, the decision on the extradition country now rests with the Montenegro Justice Minister.
If Milovic permits Kwon’s extradition then it will happen after the completion of the criminal sanction imposed by the Basic Court in Podgorica.
The extradition case adds complexity to Kwon’s legal challenges as the outcome of it remains uncertain pending the minister’s decision. The tug-of-war over Kwon underscores the international dimension and legal action involved in high-profile crypto cases.
Kwon has been accused of a crypto market crisis and violating capital market rules, gaining notoriety as a crypto executive. After fleeing the investigation, Interpol issued a global arrest plea against him. South Korea issued an arrest warrant in September last year and revoked Kwon’s passport for alleged market rule violations related to the token collapse.
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