Home » Do Kwon Will be Extradited to South Korea Within Six Months
Business Crime Cryptocurrency Global News News South Korea

Do Kwon Will be Extradited to South Korea Within Six Months

Do Kwon, the co-founder of Terraform Labs, will soon be extradited to South Korea, his native country. The concerned officials of Montenegro are accelerating the investigation and court proceedings. 

At the Basic Court hearing, Do Kwon and his associate Han Chang-joon claimed that they were not aware that the passports issued under the economic citizenship program were fake when they traveled around the world using Costa Rican and Belgian passports. Interpol reports claimed that these were forged documents. 

Do Kwon asserted that he would never go to countries with fake passports. Along with the Costa Rican and Belgian passports, they also applied for a Granada passport, which was rejected. He requested the court to spare Han Chang as he is not associated with the forgery. 

He also asked the court to spare Han Chang-joo as he was not connected to the passport forgery. Do Kwon also denied allegations that he was involved in the illegal financing of the political campaign of the Europe Now movement. 

He admitted to the special prosecutor’s office and defense lawyers of the state that he had no financial affairs or meetings with former finance minister Milojko Spajic.

According to security regulators from various countries, Do Kwon possessed prior knowledge regarding the collapse of the Terraform Ecosystem. It is also claimed that two days before the collapse, he transferred billions of won to a firm of lawyers in South Korea. 

How LUNA’s Collapse Pushed the Crypto Market into Trouble 

As per the analysts of the crypto market, LUNA’s collapse has wiped out hundreds of billions of dollars in 78 hours. Consequently, major tokens including Bitcoin and others have struggled and lost 5-36% of their trading prices.

A member of the Terra Community emphasized the requirement for a risk management system. Such a mechanism helps investors avoid losses in crypto by providing a framework for managing risks. Additionally, investment decisions would be beneficial if they are made after deep analysis and planning.

In a case that was filed on May 9, Jump Trading and its CEO, Kanav Kariya, were accused of participating in a price-rigging conspiracy involving the TerraUSD stablecoin. Jump Trading then requested the court to relocate the class action lawsuit from Illinois to California. According to them, this would speed up the judicial process.

Over dozens made their empire from LUNA and due its collapse, some of them who financially backed Terraform Labs went bankrupt. Celsius, a crypto lender, was one of the major financial backers of Terra which went bankrupt and it was recently acquired by Fahrenheit LLC

Source : Coin Republic