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| Montenegrin police officers escort Do Kwon, a crypto fugitive from Korea, in Montenegro's capital Podgorica, Friday. Seoul's Ministry of Justice confirmed the arrest of Kwon and another unidentified individual linked to the cryptocurrency crash and said it will proceed with steps to extradite them to Korea. Both Korea and Montenegro are signees to the European Convention on Extradition. AP-Yonhap |
Korean fugitive protests Montenegro's decision to extend his custody for 30 days
By Lee Min-hyung
The arrest of Do Kwon, founder of the ill-fated Terra-Luna ecosystem, made headlines, but it remains unclear when Korean investigators will be able to repatriate him, since he was also charged with fraud by U.S. prosecutors.
According to Interpol and Montenegro's interior ministry, Kwon was arrested by police in the Balkan country on Thursday.
Kwon was initially subject to be in custody for three days. But a Montenegrin court extended the custody for up to 30 days "due to flight risk."
Kwon protested the court's decision, and through his lawyer, is going to file a complaint to be released.
The crypto fugitive has been on the run for almost a year after the abrupt collapse of his once-promising cryptocurrencies back in May 2022. He had since made few public appearances ― except for online interviews.
Until recently, his whereabouts remained unknown after the scandal-tainted co-founder of Terraform Labs left Singapore and headed to an unknown third country in September. He was last seen during an online interview with an overseas media outlet in October.
Korean police confirmed his fingerprints shortly after the arrest, but it will likely take some more time for them to seize and detain Kwon in his home country, as he faces multiple charges by authorities not just in the U.S., but also Singapore.
Shortly after the report of his arrest, the U.S. District Court in Manhattan filed an eight-count indictment against the Korean fugitive. Kwon also faces a lawsuit by police in Singapore on charges of crypto fraud worth 80 billion won ($62 million).
Federal prosecutors in New York said Kwon also allegedly colluded with a U.S. investment firm to engage in market manipulation before his cryptocurrencies collapsed.
Prosecutors in Korea said Friday they will seek Kwon's extradition. The Seoul Southern District Court has teamed up with the country's justice ministry to bring him to Korea. Kwon faces charges of violating the capital market act in Korea.
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| Do Kwon, co-founder of Terraform Labs / Yonhap |
It remains to be seen whether Kwon will be repatriated to Korea in a short period of time, because authorities in Montenegro could decide to send him to the U.S. Under that scenario, Kwon's repatriation to Korea will likely take much more time.
Even if Kwon is a Korean national, a court in Montenegro makes the decision, so Korean authorities reiterated their determination to persuade the country to send Kwon back to Seoul.
Korean prosecutors recently launched an investigation into Shin Hyun-sung, another co-founder of Terraform Labs.
The Luna coin gained global sensation until its value plummeted to nearly zero in May last year. It took less than a week for the once-popular cryptocurrency to lose its value completely from the market.
In February, the U.S Securities and Exchange Commission charged Kwon with fraud. The authority accused him of deceiving investors with the multi-billion dollar fraud related with the Terra-Luna ecosystem.
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