South Korea and the US seek extradition of Do Kwon

Do Kwon, the co-founder of Terraform Labs, who was detained by Montenegrin police, is wanted by the United States and South Korea.

Do Kwon wanted by US and South Korea

According to Bloomberg, Do Kwon is a criminal on the run who both South Korea and the United States want on charges of multibillion-dollar fraud. 

The stablecoin TerraUSD, which failed in May 2022, was created by Terraform Laboratories in South Korea, where Kwon worked as a crypto entrepreneur and CEO.

The United States and South Korea are looking for Do Kwon, a co-founder of Terraform Labs who was taken into custody by Montenegro.

The government is looking for Kwon in relation to a cryptocurrency scam that cost the market at least $40 billion.

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Kovac told reporters on March 29 in Podgorica that the seriousness of the crimes, the location of the crimes, the chronology of the requests, and the citizenship of the suspects would all be taken into account.

Do Kwon and Hon Chang Joon accused of faking official documents

The two, according to Kovac, were charged with forging documents in Montenegro and wouldn’t be extradited until a trial had taken place and any sentences had been served there.

He added that Do Kwon and the second suspect, Hon Chang Joon, who was identified in a police statement from Montenegro, were allegedly apprehended on March 23 at the airport in Podgorica as they tried to board a flight to Dubai.

After allegedly finding altered Costa Rican passports, a second set of Belgian passports, laptop computers, and other stuff in their luggage, Montenegro police charged the two with forging official documents.

Kovac stated that the surrender of the computers was also required by the South Korean and U.S. extradition requests.

Read more: Terraform Labs’ Do Kwon allegedly arrested in Montenegro