Prosecutors Bid to Arrest Terraform Founder Shin
South Korean prosecutors hope to arrest Daniel Shin, the co-founder of Terraform Labs, after officers raided his company Chai Corporation. Meanwhile, evidence appears to show that Do Kwon, the Terraform CEO, established a company in Serbia during his 11-month flight from the prosecution.
Crypto fugitive Do Kwon arrested in Montenegro
‘테라•루나’ 권도형 몬테네그로서 체포 위조여권 덜미
Terraform co-founder Do Kwon has been indicted in the U.S. following his arrest in Montenegro with a fake passport.
The entrepreneur has been on South Korean authorities’ radar for allegedly defrauding investors in a multi-billion-dollar cryptocurrency scheme.
Lee Seung-jae has more.
The whereabouts of Terraform Labs co-founder Do Kwon had been shrouded in mystery for nearly a year.
That is until police in Montenegro announced on Thursday local time that the wanted CEO of the blockchain firm is in custody.
Despite Kwon denying the fact that he has been on run, he was finally arrested at an airport for having falsified documents.
Do Kwon has been under investigation for the past 11 months, ever since the massive Terra-LUNA crash which wiped out about 40 billion US dollars from the crypto market.
He’s being accused of fraud and tax evasion.
It’s estimated that 200-thousand investors in South Korea alone were affected by the collapse of his firm’s algorithmic stablecoin.
While the next step is for the South Korean government to seek extradition to bring Do Kwon to South Korea, there may be some obstacles in the way.
Firstly, South Korea does not have an extradition agreement with Montenegro.
On top of that the U.S. Securities and Exchange Commission charged Terraform Labs and Kwon with defrauding U.S. investors, so the U.S. is also likely to seek to extradite him.
And while the U.S. does not have an extradition treaty with Montenegro either, the situation may well become a fight to see who can get their hands on the disgraced crypto-CEO first.
If South Korea is able to extradite Kwon, the prosecution will likely focus on revealing that the profit structure of Luna and Terra was fraudulent, and that it was nothing more than a Ponzi scheme.
Lee Seung-jae, Arirang News.
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2023-03-24, 09:00 (KST)
Extradition of Do Kwon to S. Korea still uncertain
권도형 송환 ‘하세월’? 몬테네그로 “우리가 먼저“
Authorities in Montenegro are seeking to prosecute disgraced crypto CEO Do Kwon for passport forgery and say Kwon will go nowhere during his period of detention.
Meaning, South Korea’s plans to extradite Kwon may take some time.
Lee Seung-jae with the latest.
South Korea, Singapore, and the United States have one thing in common: they all want to extradite disgraced Terraform Labs CEO Do Kwon, and punish him in their respective countries.
However, authorities in Montenegro, where Kwon was arrested, have other plans.
They want to first punish him for the fake Costa Rican and Belgian passports found on Kwon which led to his arrest.
Prosecutors in Montenegro last Friday. successfully extended Kwon’s period of detention, which was set to expire, from 72 hours to up to 30 days.
Authorities in Montenegro stressed, that no country will be getting their hands on Do Kwon during this time, or without him being brought to trial first.
And this may be just one of the many ways that extradition plans for Do Kwon may be delayed.
Kwon and his lawyers are expected to appeal the detention period extension decision.
Even if the appeal does not go through, and he goes on trial for the passport forgery allegations, it’s expected to take a long time before a final ruling is handed down.
So what’s behind the disgraced crypto CEO’s plans to delay the extradition process, and stay in Montenegro for as long as possible?
Currently, Do Kwon faces a minimum of 3 months and a maximum of up to 5 years in prison in Montenegro if found guilty.
But if he’s put on trial in South Korea, Singapore or the United States, he faces far longer prison sentences.
However for now, Kwon is at the mercy of Montenegro’s justice system, and with no extradition treaty in place with South Korea or the U.S., it may be some time before justice is handed down by either of those countries.
Lee Seung-jae, Arirang News.
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2023-03-28, 09:00 (KST)
US to Seek Crypto Mogul Kwon Extradition
US prosecutors will seek the extradition on fraud charges of Terraform Labs co-founder Do Kwon after his arrest in Montenegro. Kwon helped create the TerraUSD stablecoin which collapsed last May triggering a $40 billion cryptocurrency implosion. Sangmi Cha reports on Bloomberg Television.
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Terraform co-founder Do Kwon pleads not guilty, seeks bail in Montenegro
‘테라’ 권도형, 위조 여권 혐의 무죄 주장 보석 청구
Terraform co-founder Do Kwon attended his first trial in Montenegro, where he’s been detained for having forged documents while being on the run over a massive cryptocurrency crash.
He pleaded not guilty and has applied for bail.
Our Lee Kyung-eun has the latest.
Disgraced crypto firm CEO Do kwon appeared at a district court in Montenegro’s capital on Thursday.
This –his first trial since being arrested in the Balkan country back in March for holding a fake passport while he was under an international arrest warrant for defrauding investors in crypto schemes.
Also appearing was an aide of Kwon’s — who has been detained alongside him.
They were allegedly holding Costa Rican and Belgian passports, respectively, at the time.
The two pleaded not guilty, with Kwon claiming his Costa Rican passport was legitimate and that he has done nothing illegal.
They also filed for bail, offering to each pay 400-thousand euros or some 4-hundred-36-thousand U.S. dollars.
Their lawyer reportedly proposed that supervision measures be imposed instead of detention.
While state prosecutors objected to offering bail, the court judge still has to offer her ruling on the proposal.
The judge asked Kwon about how much exactly his assets are worth citing the need.to factor this into her decision making.
Kwon refrained from answering, but he reportedly told the court that he and his wife jointly own some property in Seoul worth around 4 million U.S. dollars.
The next hearing date is set for June 16th.
This comes as both South Korea and the U.S. are seeking the extradition of Kwon in connection with a 40 billion-dollar crash of his Terraform Labs’ cryptocurrency that devastated retail investors around the world.
But, if convicted in Montenegro over forged documents,
Kwon could face up to five years in prison before being extradited.
Lee Kyung-eun, Arirang News.
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2023-05-12, 09:00 (KST)
