• About
  • Advertise
  • Contact
Sunday, June 1, 2025
  • Login
No Result
View All Result
NEWSLETTER
The NY Journals
  • Home
  • Business
  • Technology
  • Entertainment
  • Sports
  • Lifestyle
  • Health
  • Politics
  • Trending
  • Home
  • Business
  • Technology
  • Entertainment
  • Sports
  • Lifestyle
  • Health
  • Politics
  • Trending
No Result
View All Result
The NY Journals
No Result
View All Result
Home Politics

Montenegro Says US, S.Korea Seek Extradition Of Crypto Fugitive

by Sarkiya Ranen
in Politics
Montenegro Says US, S.Korea Seek Extradition Of Crypto Fugitive
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Cryptocurrencies have come under increasing scrutiny from regulators after a string of recent controversies
AFP

The United States and South Korea have sought the extradition from Montenegro of fugitive cryptocurrency entrepreneur Do Kwon, the country’s minister of justice said Wednesday, just days after he was arrested in the Balkan nation.

The Terraform founder is facing mounting legal cases in both Seoul and Washington over his alleged role in fraud linked to his company’s dramatic collapse last year, which wiped out about $40 billion of investors’ money and shook global crypto markets.

Kwon was arrested with a companion at the airport in the Montenegrin capital Podgorica last week after being found travelling with fake travel documents.

“A meeting was held with diplomatic representatives of Korea, after which Korea handed over an extradition demand,” justice minister Marko Kovac told reporters in Podgorica, adding that “the extradition of Do Kwon was requested also by the US.”

The minister did not offer any hints on where Kwon ultimately would be sent.

“We have two countries that requested extradition. We will see if there will be another country,” the minister said, suggesting that another request could come from Singapore in the future.

“The citizenship of the person and other circumstances will be taken into account when deciding,” he added.

Kwon, whose full name is Kwon Do-hyung, was remanded on Friday along with a companion in custody for up to 30 days over suspected document forgery “due to flight risk”.

Kwon now faces two cases in Montenegro — the first involving his alleged possession of forged documents and the second regarding his possible extradition.

Following his arrest, South Korea vowed to seek formal extradition.

The US also charged Kwon with eight counts for allegedly “orchestrating a multi-billion-dollar crypto asset securities fraud,” according to the US Securities and Exchange Commission.

Kwon reportedly flew from South Korea to Singapore before his company crashed in May last year.

In September, South Korean prosecutors asked Interpol to place him on the red notice list across the agency’s 195 member nations and revoked his passport.

Kwon’s TerraUSD was marketed as a “stablecoin”, which is typically pegged to stable assets such as the US dollar to prevent drastic fluctuations in prices.

But TerraUSD was an “algorithmic stablecoin” — not backed by assets but instead pegged only to its floating sister currency, Luna.

The two currencies went into freefall in May last year.

Questions about Kwon’s whereabouts intensified after the Singapore Police Force said he was not in the country.

Montenegro authorities said Thursday that Kwon and a companion had used “falsified travel documents from Costa Rica” during passport control for a flight to Dubai.

Inspection of their luggage also revealed travel documents from Belgium and South Korea, and Interpol checks showed the Belgian documents were forged, Montenegro’s interior ministry said.

Cryptocurrencies have come under increasing scrutiny from regulators after a string of recent controversies, including the high-profile collapse of the exchange FTX.

The digital currency sector has also been hit hard by the demise of US crypto lenders Silvergate and Signature amid a string of banking failures that have rattled global markets.



Source link

Tags: CryptoExtraditionFugitiveMontenegroSeekSKorea
Sarkiya Ranen

Sarkiya Ranen

I am an editor for Ny Journals, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

Next Post
Bolsonaro Faces Potential Legal Woes Heading Back To Brazil

Bolsonaro Faces Potential Legal Woes Heading Back To Brazil

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Advice | We’re setting up friends on a double date. I’m nervous! Give advice to this Hax question.

Advice | We’re setting up friends on a double date. I’m nervous! Give advice to this Hax question.

1 year ago
The Situation At Delhi, Mumbai Airports Day After Global IT Outage

The Situation At Delhi, Mumbai Airports Day After Global IT Outage

11 months ago

Popular News

    Connect with us

    The NY Journals pride themselves on assembling a proficient and dedicated team comprising seasoned journalists and editors. This collective commitment drives us to provide our esteemed readership with nothing short of the most comprehensive, accurate, and captivating news coverage available.

    Transcending the bounds of New York City to encompass a broader scope, we ensure that our audience remains well-informed and engaged with the latest developments, both locally and beyond.

    NEWS

    • Business
    • Technology
    • Entertainment
    • Sports
    • Lifestyle
    • Health
    • Politics
    • Real Estate
    Instagram Youtube

    © 2025 The New York Journals. All Rights Reserved.

    • About Us
    • Advertise
    • Contact Us
    No Result
    View All Result
    • Home
    • Business
    • Technology
    • Entertainment
    • Sports
    • Lifestyle
    • Health
    • Politics
    • Trending

    Copyright © 2023 The Nyjournals

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In