Do Kwon, co-founder and chief executive officer of Terraform Labs, was arrested in Montenegro in March this year. EPA
Do Kwon, co-founder and chief executive officer of Terraform Labs, was arrested in Montenegro in March this year. EPA
Do Kwon, co-founder and chief executive officer of Terraform Labs, was arrested in Montenegro in March this year. EPA
Do Kwon, co-founder and chief executive officer of Terraform Labs, was arrested in Montenegro in March this year. EPA

Business

Cryptocurrencies

Terraform Labs founder Do Kwon to be extradited from Montenegro

The crypto entrepreneur is being sought by the US and South Korea on fraud charges

Bloomberg

November 25, 2023

  • English
  • Arabic

Montenegro’s high court approved the extradition of crypto entrepreneur Do Kwon, who is sought by the US and South Korea on fraud charges.

The Justice Minister will make the final decision on which country to extradite Mr Kwon to, the court said on its website on Friday. A phone call to the Justice Ministry went unanswered.

In an interview on Thursday with TV Vijesti, Justice Minister Andrej Milovic declined to disclose where he plans to send Mr Kwon. He did, however, give a hint about his intentions.

“The US is our chief foreign policy partner, we want to sign a bilateral agreement on extradition as soon as possible so we can have a legal framework for future extraditions,” he told the television station.

The Terraform Labs co-founder and the company's former chief financial officer Han Chang-joon were caught at the airport in Montenegro’s capital Podgorica in March when they tried to board a private jet to fly to Dubai after spending months as fugitives.

They were sentenced to four months in prison for travelling with forged documents. Both pleaded not guilty.

Mr Kwon has been charged by US prosecutors with orchestrating a years-long cryptocurrency fraud that wiped out at least $40 billion in market value following the implosion in May 2022 of TerraUSD, an algorithmic stablecoin.

He faces similar charges in South Korea.

The collapse of TerraUSD and its sister token Luna accelerated a broader $2 trillion downturn in the crypto market.

Officials in South Korea have said the Terra project Mr Kwon helped to create was a “fabrication” from its inception as the algorithm that helped keep TerraUSD at a stable price was impossible to get right.

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Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Engine: Duel electric motors
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Price: On request

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Send “thenational” to the following numbers or call the hotline on: 0502955999
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Bio

Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind. 
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.

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Updated: November 25, 2023, 4:00 AM`
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