A Montenegro appeals court has reversed an order to extradite Do Kwon, the cryptocurrency entrepreneur behind Terraform Labs, to South Korea. Kwon is wanted for his alleged role in the company’s collapse, which caused a billion loss and impacted global crypto markets. Both South Korea and the U.S. have sought his extradition on fraud […]
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Ex-Terraform Labs CEO Do Kwon’s Extradition Case Reset
In the latest Montenegro Supreme State Prosecutor’s Office’s announcement, the legal proceedings concerning the extradition of Terraform Labs’ former CEO, Do Kwon, will revert to the first trial court. On April 3, 2024, a confidential meeting and vote resulted in the annulment of earlier judgments made by both the Podgorica Higher Court and the Court […]
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Do Kwon Out of Jail, Under House Arrest Pending Extradition Decision
Multiple sources have reported that Do Kwon, the ex-chief executive officer of Terraform Labs, was set free from jail on Saturday while the high court in Montenegro decides on two separate extradition requests submitted by South Korea and the United States. Terraform Labs’ Former CEO Do Kwon Freed According to various sources, Do Kwon has […]
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High Court Shifts Extradition Route for Terraform Labs’ Do Kwon to South Korea
In a recent legal twist, the High Court in Podgorica has ruled in favor of extraditing Terraform Labs co-founder Do Kwon to South Korea. This decision comes after the Montenegro Appeals Court overturned a previous ruling that favored his extradition to the United States, marking a pivotal moment in the ongoing legal battle surrounding the […]
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Montenegro Court Halts Extradition of Terra’s Do Kwon to the US
In a pivotal legal reversal, Montenegro’s Court of Appeals has annulled the extradition of Terraform Labs co-founder Do Kwon to the United States, siding with his defense’s appeal and invalidating a prior High Court ruling from Feb. 20. Montenegro’s Appeal Court Blocks Do Kwon’s U.S. Extradition, Cites Legal Flaws This latest court decision underscores the […]
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Terraform Labs Founder Do Kwon Faces Extradition Delay in Montenegro Amid SEC Fraud Allegations
Do Kwon, the embattled former CEO of Terraform Labs, is currently stranded in Montenegro due to extradition delays, following accusations by the U.S. Securities and Exchange Commission (SEC) of conducting a massive fraudulent crypto scheme. Last year, the SEC charged that from April 2018 to May 2022, Terraform and Kwon’s operations resulted in at least […]
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Do Kwon’s Fate Sealed — Montenegro High Court Opts for US Extradition in Legal Tug-of-War
In a landmark decision, the High Court in Podgorica has ruled that the former Terraform Labs CEO, Do Kwon, will be extradited to the United States, sidelining South Korea’s request for his extradition. The court’s ruling comes after extensive deliberations on the legal and political implications of the extradition. Report Details Do Kwon’s U.S. Extradition […]
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Legal Twist Keeps Terraform Labs’ Co-Founder Do Kwon in Montenegro, Appeals Court Questions Extradition Grounds
Following the Montenegro Appeals Court’s decision to reject the extradition requests for Terraform Labs co-founder Do Kwon, the panel from the Appeals Court has nullified the latest decision by Podgorica’s High Court to extradite Kwon to either South Korea or the United States. This ruling implies that Kwon will remain in Montenegro, as the matter […]
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Estonian Government Approves Extradition of Crypto-Fraud Accused Duo to the US, Again
The Estonian government has once again approved the extradition of the two alleged masterminds behind the Hashflare crypto mining Ponzi scheme to the United States. According to a local news report, the government has met the conditions for the men’s extradition set by the Tallinn Circuit Court.
The Estonian Ministry of Justice Has Collected Sufficient Evidence as Demanded by the Court
The Estonian government has approved the extradition of two founders of the crypto mining platform Hashflare, who are accused of operating a Ponzi scheme that fleeced 5 million from unsuspecting investors.
Ivan Turogin and Sergei Potapenko were arrested in Estonia’s capital Tallinn in November 2022, in a joint operation by the Estonian police and the U.S. Federal Bureau of Investigations (FBI). They face 18 counts of fraud and money laundering charges.
According to a Post Timees report, Tallinn Circuit Court initially blocked the attempt to extradite the duo because the Estonian government had failed to probe the conditions of the place where Turogin and Potapenko were to be held, among other things. However, the Estonian government through the Ministry of Justice has said it has gathered enough evidence as per the court ruling.
The Estonian government now believes it has satisfied the conditions set by the court, and the men’s extradition to the U.S. would be above board. Described as one of Estonia’s high-profile fraud cases, Turogin and Potapenko’s Ponzi scheme reportedly took money from hundreds of thousands of Estonian and non-Estonian investors who were promised high returns on their investments.
After their arrest, a U.S. attorney suggested that Turogin and Potapenko had used the allure of cryptocurrency mining to dupe people into investing.
What are your thoughts on this story? Let us know what you think in the comments section below.
Terra’s Do Kwon Seeks Trial Delay, Citing Extradition Holdup
Terraform Labs co-founder Do Kwon has requested that the judge in his fraud case delay the trial date, currently set for Jan. 29, 2024, because Kwon is still tied up in extradition proceedings in Montenegro.
Terra’s Do Kwon Requests Trial Postponement Due to Extradition Issues
In a letter to U.S. District Judge Jed Rakoff dated Jan. 11, Kwon’s lawyers said they had hoped he would be extradited in time for the trial but that now appears unlikely until February or March. The letter was first shared by Inner City Press reporter Matthew Russell Lee. Kwon and his legal team said in the letter that he wishes to attend the trial in person but needs more time for the extradition process to play out.
“Unfortunately, it now appears that Mr. Kwon is not likely to be extradited until February or March at the earliest. We understand the court cannot put the trial on hold indefinitely, but an adjournment until mid-March would provide a realistic possibility for Mr. Kwon to attend,” the letter states.
The request comes after a Montenegro appeals court in December overturned an earlier ruling approving Kwon’s extradition to the U.S. to face charges related to the spectacular collapse in 2022 of the Terra ecosystem and its signature stablecoin terrausd (UST). Federal prosecutors charged Kwon with various counts of fraud for his role in developing the stablecoin and blockchain system.
Kwon’s lawyer said in the letter that if the judge declines to postpone the trial date, Kwon intends to ask that the jury receive an instruction about his absence that is fair to him. The letter indicates Kwon strongly desires to be present for the fraud trial stemming from the implosion of his brainchild that cost investors billions of dollars in the aftermath.
What do you think about Do Kwon’s latest request? Share your thoughts and opinions about this subject in the comments section below.