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Do Kwon extradited to US amid South Korean political upheaval

Do Kwon extradited to US amid South Korean political upheaval

GrafaGrafa2025/01/07 11:30
By:Liezl Gambe

Terraform Labs co-founder Do Kwon has been extradited to the United States following Montenegro's decision to bypass South Korea's competing request.

Montenegro's Prime Minister Milojko Spajić confirmed in a December 31 post that Kwon is now in U.S. custody and will face charges related to the collapse of the Terra ecosystem.

Kwon’s transfer to the U.S. occurred shortly after Montenegrin Justice Minister Bojan Božović approved the extradition, rejecting South Korea’s petition despite Kwon’s citizenship and ongoing legal cases in the country.

Both nations had sought Kwon for alleged crimes tied to Terraform Labs, with his location remaining unknown until his arrest in Montenegro in 2023.

Meanwhile, South Korea faces political turmoil as the Seoul Western District Court issued an arrest warrant for impeached President Yoon Suk Yeol on December 31.

Yoon is accused of attempting to impose martial law earlier in the month.

Following his impeachment on December 14, Yoon was replaced by Deputy Prime Minister and Finance Minister Choi Sang-mok as interim president.

The arrest warrant followed Yoon’s repeated failure to appear for questioning.

If executed, Yoon will become the first sitting South Korean president to face such legal action.

In other developments, pro-crypto attorney John Deaton has offered to lead an investigation into Operation Chokepoint 2.0, which allegedly targeted cryptocurrency companies.

Deaton, well-known for his role in Ripple’s legal case against the SEC, stated he would undertake the probe without pay.

Additionally, China has tightened its oversight of cryptocurrency activities by introducing foreign exchange regulations.

According to a December 31 report by the South China Morning Post, these rules require banks to monitor and flag suspicious crypto transactions, aiming to curb cross-border financial crimes.

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