South Korea and US on Mission to Extradite Do Kwon for Criminal Charges

It’s unclear what Kwon’s intentions were when he left Dubai, but it is clear that he was not happy with the unstable state of the TerraUSD coin. The arrest is a serious setback for Terraform Labs, which has experienced significant revenue and investor losses in recent months.

Do Kwon, the man detained in Montenegro and wanted by South Korea and the U.S., is a prominent figure in the crypto industry. He is accused of orchestrating a scam that caused billions of dollars to disappear from the cryptocurrency market, leaving investors shell-shocked.

Kwon Hyuk was indicted by the United States Department of Justice and Securities and Exchange Commission on charges of defrauding investors in two digital companies he founded. The United States is seeking his extradition, but South Korea has also announced plans to prosecute him for alleged financial misconduct. This could be a complicated process, as Kwon faces criminal charges in both countries.

South Korean prosecutors are seeking the extradition of Han Kwon, a 38-year-old American developer and entrepreneur, to face charges of alleged financial Riverside Development Financial LLC (Riverside) fraud. Kwon is currently being held in Montenegro on allegations that he siphoned off $4 million from Riverside between 2014 and 2016. If extradited to South Korea, Kwon could be jailed for up to 10 years and fined $500,000.

Han Kwon is an American citizen who has lived in Montenegro for over six years; it is unclear why prosecutors want him brought back to the United States. According to reports, U.S. federal prosecutors said they would seek his extradition while their Korean counterpart is also seeking Kwon’s extradition; a spokesperson of South Korean prosecutors told TechGround that they are discussing with “related parties” about extraditing Kwon as soon as possible but did not specify which country he would be shifted to from Montenegro or how long it is likely to take

The South Korean court has issued an arrest warrant for Kwon, who is wanted on criminal charges stemming from the Terra/LUNA collapse in May 2022. Kwon has said that he isn’t charged with anything, and Interpol issued a red notice calling for his capture.

South Korean prosecutors are holding Kwon Il-ho, a North Korean defector and member of the Workers’ Party of Korea’s Propaganda and Agitation Department, on suspicion of spying. According to the reports, prosecutors had requested local foreign affairs ministry to nullify Kwon’s passport unless he returns that by September 15. If he doesn’t return his passport by then, it is possible that the government will revoke it.

While it is unknown where the Singapore-based blockchain entrepreneur currently is, he has recently registered his address in Serbia. The U.S. SEC has charged Terraform Labs and Kwon with defrauding U.S. investors who purchased their crypto assets – Terra and LUNA – which suggests that the entrepreneur may be currently residing in that country.

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Dylan Williams

Dylan Williams is a multimedia storyteller with a background in video production and graphic design. He has a knack for finding and sharing unique and visually striking stories from around the world.

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