Do Kwon, co-founder and CEO of Terraform Labs (TFL), will be tried in Montenegro before the extradition process. This was announced by the country’s justice minister, Mark Kovac, during a пресс-конференции.
On March 23, Do Kwon was arrested by local police while attempting to depart Podgorica airport for Dubai on forged documents.
The detention followed requests from U.S. law enforcement authorities, Сингапура and Южной Кореи. In December 2022, media citing Seoul’s prosecutor’s office reported that he was hiding in Serbia.
The United States and South Korea sought the extradition of the founder of TFL, but Kovac noted that local criminal cases have ‘priority’ over these requests.
Both countries also requested the devices that Do Kwon had in his possession at the time of his arrest.
On March 24, Montenegrin authorities charged the head of TFL with forging documents.
According to the minister, when there are several extradition requests from different countries, the decision-making process regarding a legal precedent is based on several factors. These include the severity of the offence and the timing of the filing.
Earlier, Do Kwon planned to appeal the court’s detention decision. He was remanded in custody for 30 days instead of 72 hours due to a high likelihood of flight.
Later it emerged that the founder of TFL registered a company in Serbia three weeks after the issuance of an Interpol “red notice”.
The U.S. Attorney’s Office for the Southern District of New York has charged Do Kwon with eight counts.