South Korea seeks help from Interpol to extradite Terra founder Do Kwon

According to media inquiries, a police officer said that the special task force responsible for overseeing the Do Kwon case held an "emergency meeting."

On March 7, South Korea’s National Police Agency and Ministry of Justice requested Interpol’s assistance in seeking the detention of Terraform Labs co-founder Do Kwon.

According to local news outlet Newsis, the police agency sent a letter to Interpol headquarters. Additionally, a police representative revealed that the Ministry of Justice had independently requested help from Interpol.

In response to media inquiries, a police officer told reporters that the special task force responsible for the Do Kwon case held an "emergency meeting"

According to reports, as of press time, the Ministry of Justice had not commented.

Earlier this week, a Montenegrin court revoked Do Kwon's extradition order to the United States as his defense lawyers filed an appeal. They allegedly argued that the decision was based on inaccurate information, specifically that the United States requested extradition before South Korea.

Previously, Do Kwon successfully succeeded in his appeals on December 14 and February 8 regarding extradition to the United States or South Korea. The extradition process has then been plagued by delays and complications.

Rodic, Do Kwon's legal representative, pointed to "many unexpected errors" by Montenegro's lower courts as the reason for the delay. Rodic believed Do Kwon would not be extradited before the end of March and therefore further extended the legal process. In addition, lawyers for the founder of Terra also prefer Do Kwon to be extradited to South Korea rather than the United States.

Terra’s Collapse and Bankruptcy

Back in May 2022, the collapse of the Terra ecosystem caused investors to lose approximately $40 billion in wealth within a few days. After being first detained in Montenegro in March last year, Kwon faced charges in the country for trying to leave the country using a forged passport. Authorities arrested Kwon in November last year and he has been in custody since then.

Do Kwon faces extradition requests from the United States and South Korea on financial crimes charges. In January this year, Terraform Labs officially filed for Chapter 11 bankruptcy protection in the United States.

In court documents filed in Delaware last week, the company's assets and liabilities were estimated at between $100 million and $500 million. In addition, the number of creditors is reported to be between 100 and 199.

Despite all the challenges it faces, the Terra community has shown strong resilience and is expected to rise again from the predicament.

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