24/7 Cryptocurrency News

Breaking: Terra Founder Do Kwon’s Extradition to South Korea Likely – WSJ

South Korean prosecutors claim Do Kwon must be extradited as they are in the best position to bring justice to Terra-LUNA crash victims.
Published by
Breaking: Terra Founder Do Kwon’s Extradition to South Korea Likely – WSJ

South Korean prosecutors on Friday said Terra founder Do Kwon who is facing trials in Montenegro should be extradited to South Korea. Prosecutors have been investigating and collecting pieces of evidence related to the Terra-LUNA crisis for longer periods than the U.S. and are in the best position to bring justice to victims that lost almost $40 billion.

Advertisement

Terra Founder Do Kwon Extradition to South Korea

Dan Sung-han, director at the Seoul Southern District Prosecutor’s Office, says Terra co-founder Do Kwon should be extradited to South Korea rather than the US, reported Wall Street Journal on May 5. He believes most of the evidence and Terra affiliates are in South Korea and prosecutors are best prepared for court proceedings.

South Korean prosecutor acknowledges that the Terra-LUNA crisis helped advance discussions on the need for tighter regulation of the crypto industry.

South Korea and the United States are currently seeking the extradition of Do Kwon from Montenegro. He was detained in March by authorities and indicted for using fake passports and documents to board a flight to Dubai.

On March 29, Montenegro’s Minister of Justice Marko Kovac stated the extradition decision will be taken in a separate court proceeding after the passport forgery case. Moreover, extradition depends on several factors, including the severity of crimes, location of committed offenses, sequence of requests, and nationality.

South Korean prosecutors also tried getting an arrest warrant against co-founder Daniel Shin for the second time. However, the court rejected prosecutors’ request for an arrest warrant, citing no risk of flight or destroying evidence.

Prosecutor’s Office indicted Terra co-founder Daniel Shin and seven others without detention for multiple charges including fraud, breach of duty, and embezzlement. South Korean prosecutors are tracking Terra transactions and revealed that Do Kwon still has Bitcoin worth millions in a Swiss bank.

Also Read: US House Expedites Hearings On Crypto Regulations and Banking Failures

Advertisement

Terra (LUNA) and Terra Classic (LUNC) Price Fall

Terra (LUNA) and Terra Classic (LUNC) prices are in downfall since the arrest of Do Kwon. On March 23, LUNA and LUNC prices crashed by 8% and 4%, respectively.

In the last 24 hours, LUNA price fell 1% to $1.21 and LUNC price tumbled 2% to $0.000103. The trading volume continues to be lower, but the projects are seeking a revival through its experienced developer teams.

Also Read: Terra Classic Core Developers L1TF, Edward Kim Completes Upgrade For Parity and AI

Advertisement

Share
Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy

The U.S. Treasury and IRS have released an interim guidance, which highlights plans to ease…

October 1, 2025
  • 24/7 Cryptocurrency News

Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin

Trump Family's World Liberty Financial has unveiled big real-world asset (RWA) tokenization plans on Wednesday,…

October 1, 2025
  • 24/7 Cryptocurrency News

Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms

Fintech giant Stripe has unveiled a suite of tools to enable businesses to tap into…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder

Metaplanet has expanded its Bitcoin portfolio with another purchase. The Tokyo-listed firm is now the…

October 1, 2025
  • Bitcoin News

BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF

Nasdaq has officially filed to list and trade BlackRock iShares Bitcoin Premium Income ETF with…

October 1, 2025
  • 24/7 Cryptocurrency News

Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?

While the ASTER token has crashed 20% in the last 24 hours, to test the…

October 1, 2025