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Montenegro Court Rules Terraform Labs CEO Should be Extradited to US

Written: 2024-02-22 08:55:37Updated: 2024-02-22 11:36:07

Montenegro Court Rules Terraform Labs CEO Should be Extradited to US

Photo : KBS News

A court in Montenegro has reportedly ruled that Kwon Do-hyeong, the disgraced co-founder of cryptocurrency firm Terraform Labs, should be extradited to the United States on fraud charges.

According to local daily Pobjeda, the High Court in the Montenegrin capital of Podgorica on Wednesday permitted the extradition of Kwon to the U.S., rejecting South Korea’s request for his extradition.

The court did not disclose the reason for the decision to extradite Kwon to the U.S., rather than his home country.
 
The ruling comes eleven months after Kwon was arrested at Podgorica airport for attempting to fly out of the country using fake passports and 22 months after he fled South Korea amid a probe in connection with the crash of Terraform Labs and Luna coins. The crash is estimated to have caused investor losses of more than 50 trillion won, or 37 billion U.S. dollars, worldwide. 

If Kwon is extradited to the United States, he is expected to receive a heavy sentence. In South Korea, the maximum sentence for economic crimes is about 40 years, but experts say that he could be sentenced to over 100 years in prison for financial fraud in the U.S.

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