South Korean prosecutors are working on extraditing crypto fugitive Do Kwon to the country after he was recently detained in Montenegro, according to a report by Channel NewsAsia (CNA) on March 24.
Kwon Arrested in Montenegro
Kwon was arrested at Podgorica airport in Montenegro on Thursday as he was attempting to travel to Dubai using falsified Costa Rican documents. Shortly after his arrest, U.S. federal prosecutors charged him with eight counts, including securities fraud, commodities fraud, and wire fraud and conspiracy.
He is wanted in South Korea for violations of the country’s capital markets act. Prosecutors across the country said they are already working on the process of extraditing him to the country following his arrest.
“South Korean prosecutors will take steps to repatriate Kwon Do-hyung. We are working on the process,” Kim Hee-Kyung, a spokeswoman for the Seoul Southern District Prosecutors’ Office said.
The capital markets act violation is related to Kwon’s failed Terra-Luna cryptocurrency project that wiped out around $40 billion in investor funds last year. The crash also led to the failure of several other major players in the industry, including Three Arrows Capital (3AC).
The Hunt for Kwon
Kwon reportedly flew from South Korea to Singapore after the crash and authorities have been on the search for him ever since. Questions about his whereabouts intensified after Singapore authorities confirmed Kwon was not in the country. As part of efforts to locate Kwon, South Korean prosecutors revoked his passport and issued an Interpol red notice against him last year.
Following his arrest yesterday, South Korea’s National Police Agency said it would join hands with the country’s prosecutors toward the extradition of Kwon.
“As an organisation that works closely with the Interpol, we will actively cooperate with the Seoul Southern District Prosecutors’ Office,” Jeong Beom-seok, an official from the National Police Agency said.
Meanwhile, it remains unclear whether Kwon will be sent to South Korea. According to multiple reports, prosecutors in the U.S. are also seeking his extradition. Time will tell who finally gets to extradite him.
