South Korea and US call for extradition of Luna cryptocurrency founder accused of fraud

Do Kwon was arrested in Montenegro after fleeing from South Korean justice after the crisis he caused with his Luna (Terra) cryptocurrency in 2022.


South Korea and the United States have asked Montenegro to extradite Do Kwon , the fugitive South Korean founder of cryptocurrency Luna , arrested last week, the Balkan country’s justice minister announced Wednesday.

The founder of the Terraform company is facing fraud charges following the implosion of his company in 2022, which cost investors an estimated $40 billion and rocked cryptocurrency markets

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Do Kwon , 31, whose full name is Kwon Do-hyung, was detained Thursday at the Podgorica airport along with his chief financial officer, Hon Chang Joon.

“A meeting was held with the diplomatic representatives of Korea, after which Korea submitted an extradition request,” Minister Marko Kovac told reporters, noting that “Do Kwon’s extradition was also requested by the United States . ”

“We have two countries that have requested extradition. We will see if there is another country,” he added, noting that there could also be a request from Singapore.

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

According to the Montenegrin authorities, Do Kwon and his financial director were in possession of “falsified Costa Rican documents” before a flight to Dubai.

Inspection of his luggage also revealed forged Belgian documents.

On Friday, a Montenegrin court announced that the two suspects had been charged and remanded in custody for up to 30 days “due to flight risk.”