• Terra founder Do Kwon was arrested in Montenegro this week.
• The US and South Korea are seeking his extradition to answer for the collapse of Terra which wiped out $60 billion from the crypto industry.
• Justice Minister Marko Kovac has stated that Kwon’s prosecution in Montenegro will take precedence over any foreign extradition requests.

Terra Founder Arrested in Montenegro

Do Kwon, co-founder of Terraform Labs, was arrested earlier this week in Montenegro following allegations of fraud involving the collapse of Terra which saw $60 billion wiped out from the crypto industry.

Extradition Requests

The United States and South Korea have both requested for Kwon’s extradition to face prosecution for his crimes. Singapore has also requested for his detention but no formal request has been made yet.

Priority Given to Court Proceedings in Montenegro

Justice Minister Marko Kovac revealed that court proceedings led in Montenegro will take priority over any foreign extradition requests. If convicted, Kwon would need to serve a prison sentence before being extradited to another country.

Interpol Red Alert and International Warrant

South Korea currently holds an outstanding international warrant for Kwon’s arrest, along with an Interpol red alert while the United States claims jurisdiction based on American victims of the fraud at Terra.

Kwon’s Detention Period Extended

Kwon’s detention period has been extended by 30 days while a decision is made regarding his custody by Montengrin high court, taking into consideration factors such as gravity of crimes and location of committed offenses amongst others.