South Korea will seek the extradition of fugitive crypto entrepreneur Do Kwon after the Terraform founder was arrested in Montenegro and hit with US fraud charges.
Kwon, whose full name is Kwon Do-hyung, is accused of fraud over his company Terraform Lab’s dramatic collapse last year, which wiped out about $40 billion of investors’ money and shook global crypto markets.
In South Korea, Kwon is wanted for violations of the country’s capital markets act, authorities confirmed on Friday that they would seek his extradition.
“South Korean prosecutors will take steps to repatriate Kwon Do-hyung. We are working on the process,” Kim Hee-kyung, a spokesperson for the Seoul Southern District Prosecutors’ Office, told AFP.
The 31-year-old was arrested at the Podgorica airport in Montenegro on a South Korean warrant, the country’s interior ministry said on Thursday.
Shortly after, the United States charged him with eight counts, including securities fraud and wire fraud, which followed a…
Source: Linda Ikeji