Do Kwon, the co-founder of Terraform Labs Pte, is currently in jail in Montenegro and awaiting extradition for his alleged involvement in a cryptocurrency fraud. The scam resulted in the loss of $40 billion in market value.
The question on everyone's mind is whether he will be extradited to the United States or South Korea. The answer remains unclear, and only time will tell.
According to reports, both countries have requested Do Kwon's extradition. However, Montenegro has yet to make a final decision on which country to send him to.
Do Kwon was arrested last month by local authorities after an international arrest warrant was issued by Interpol. He is facing charges related to his involvement with Mirae Token, a fraudulent cryptocurrency that promised high returns but failed to deliver them.
Terraform Labs Pte has since released a statement condemning Do Kwon's actions and stating that they had no knowledge of his illegal activities.
"We are deeply saddened by these allegations against our co-founder," said Terraform Labs Pte in their statement. "We had no knowledge of any wrongdoing on his part and are fully cooperating with authorities."
It remains unclear how long it will take for Montenegro authorities to come to a decision about Do Kwon's extradition. In the meantime, he remains behind bars awaiting further developments.
This case highlights the growing concern over cryptocurrency scams and frauds as they become more prevalent across the globe. As more people invest their money into digital currencies like Bitcoin and Ethereum, criminals are finding new ways to exploit this emerging market for their own gain.
Only time will tell what fate awaits Do Kwon as he awaits extradition from Montenegro back home either US or South Korea where legal proceedings can begin against him for his alleged crimes involving Mirae Token scam causing heavy financial losses amounting up-to $40 billion in market value.