Terraform Labs CEO Do Kwon Faces Extradition to South Korea – On Thursday, Kwon Do-hyung, the CEO and co-founder of Terraform Labs, was arrested in Montenegro, a mountainous country situated on the Balkan Peninsula in southeastern Europe. The news was initially revealed on March 23 by Filip Adzic, Montenegro’s interior minister, who stated that Kwon was caught at Podgorica airport with fake identification papers.
On Friday, the AFP released a report stating that Kwon is facing charges of forgery in Montenegro. Kwon was traveling with an unidentified individual who was also arrested. Montenegro’s police filed a criminal complaint against both individuals for document forgery. Prosecutors are also seeking to detain Kwon for 30 days because he allegedly denied that his identification documents were falsified.
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Additionally, according to AFP, Kim Hee-kyung, a spokeswoman for the Seoul Southern District Prosecutors’ Office, stated that the South Korean government is seeking Kwon’s extradition. “South Korean prosecutors are taking actions to bring Kwon Do-hyung back to the country. We are currently working on the process,” explained the spokeswoman.
Furthermore, Kwon is facing several lawsuits in the United States, including a recent one filed by the U.S. Securities and Exchange Commission. The Montenegro police reported that Kwon and his companion were in possession of “falsified travel” papers obtained from Costa Rica and were attempting to depart for Dubai.
During a search of their luggage, travel documents from South Korea and Belgium were also found. According to Montenegro’s interior ministry, Kwon’s Belgian identification was also falsified. However, the identity of Kwon’s travel partner has not been revealed yet.