Extradition of Do Kwon to the United States: Latest Developments
In a significant turn of events, the Minister of Justice, Bojan Božović, has officially signed the decision to extradite Do Kwon to the United States of America. This decision follows a comprehensive report from Vijesti, confirming the extradition move. The Supreme Court of Montenegro had previously determined that all legal conditions necessary for the extradition of Do Kwon were fulfilled. This ruling came in response to extradition requests from both South Korea and the United States.
Factors Influencing the Extradition Decision
The Ministry of Justice undertook a detailed review of the Supreme Court’s ruling, taking into consideration several key factors. These included the gravity of the criminal acts linked to Do Kwon, the geographical location where these offenses occurred, the sequence in which extradition requests were submitted, Do Kwon’s citizenship, the potential for additional extradition actions, and various other pertinent circumstances.
Ministry of Justice’s Statement
In light of these evaluations, the Ministry of Justice concluded that a majority of the legal criteria favored the United States’ extradition request. Consequently, the Minister of Justice authorized Do Kwon’s extradition to the United States, while simultaneously declining the extradition request from the Republic of Korea. This decision underscores the complex diplomatic and legal considerations involved in such international extraditions.
Background: The Cryptocurrency Debacle
For a comprehensive understanding, it is important to highlight the context of this extradition. Both U.S. and South Korean authorities have been rigorously investigating Do Kwon due to his involvement in a catastrophic cryptocurrency failure. In May 2022, the collapse of TerraUSD and Luna, two cryptocurrencies created by Do Kwon, resulted in a staggering $40 billion loss in the cryptocurrency market. This collapse triggered a domino effect, leading to the bankruptcy of several other digital crypto enterprises. Investigations have revealed that Do Kwon allegedly misled investors and is suspected of concealing assets.
Legal Proceedings and Arrest
Do Kwon, alongside his business associate Han Chang-Joon, was apprehended on March 23, 2023, at Podgorica Airport. They were attempting to travel to Dubai with forged passports. Consequently, Do Kwon was sentenced to a four-month prison term in Montenegro for document falsification.
Post-Sentence Developments
Following the completion of his sentence, both U.S. and South Korean authorities initiated extradition proceedings. Upon his release from Spuž prison on March 23, Montenegrin law enforcement transferred Do Kwon to the Foreigners’ Reception Center. He is to remain there until the extradition process is fully resolved.
This unfolding narrative highlights the intricate legal and diplomatic maneuvers often involved in international extradition cases, especially those with significant economic and legal implications.
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