South Korean prosecutors claim that the majority of crimes conducted by Do Kwon happened in South Korea. Thus, he should be extradited to his home country.
Dan Sung-han, the prosecutor leading the investigation, claims that the extradition of Terraform Labs' ex-CEO and co-founder, Do Kwon, to South Korea could be the best way to serve justice for those affected by the TerraUSD (USTC) and LUNA token collapses.
According to the Wall Street Journal report, the main reason for the extradition is that South Korea is where most of the alleged crimes occurred. It is worth noting that the collapse of Terraform Labs wiped out nearly $40 billion from the Terra ecosystem, and Kwon's repatriation may help bring closure to the victims.
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The mastermind behind Terraform Labs, Do Kwon, was arrested in Montenegro in March and faces document forgery charges. Efforts have been made by both the US and South Korea to extradite Kwon, who is also wanted by Singaporean authorities.
Montenegro has no extradition treaty with Singapore or South Korea, but it does have an existing agreement with the US.
Montenegrin Justice Minister Marko Kovač revealed that the decision regarding Kwon's extradition will consider a number of factors, such as the severity of the crime, location, and time of the offense.
In the case when we receive several extradition requests, I would like to say that determining to which state they will be extradited is based on several factors like the severity of the committed criminal offense, the location and time when the criminal offense has been committed, the order in which we have received the request for extradition and several other factors.
In April, South Korean officials charged Terraform Labs co-founder Shin Hyun-seong and nine others with the Terra ecosystem collapse. The individuals face charges of fraud, breach of trust, and embezzlement, having allegedly made illicit profits of around 460 billion Korean won ($350 million). If extradited, Kwon could face similar charges and up to 40 years in jail.
The extradition of Do Kwon to South Korea might be the key to providing justice for those impacted by the TerraUSD and LUNA token collapses. It could also help shed light on the events that led to the downfall of Terra's stablecoin and the subsequent crisis in the crypto industry.
