Key Takeaways
- Montenegro approved the extradition of Do Kwon to the US.
- Kwon faces charges over Terra ecosystem’s collapse costing $40 billion.
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Montenegro’s justice minister Bojan Bozovic has approved the extradition of Terraform Labs co-founder Do Kwon to the United States, following a Supreme Court ruling and legal evaluation.
“The Ministry of Justice examined all the facts and circumstances, including the severity of the crimes, the jurisdiction of the offenses, and the extradition requests. Most criteria favored the US request,” the Ministry stated.
While the US request was approved, South Korea’s extradition bid was denied.
Kwon and his business partner Han Cheng Jun were arrested in March 2023 at Podgorica Airport while attempting to travel to Dubai using forged passports.
Kwon served a four-month prison sentence in Montenegro for document forgery.
The extradition stems from investigations into the May 2022 collapse of TerraUSD and Luna, which erased $40 billion from the crypto market and triggered industry-wide bankruptcies.
US authorities claim Kwon misled investors and believe he is hiding substantial assets.
After completing his prison term, Kwon was moved to Montenegro’s Shelter for Foreigners, where he awaits extradition arrangements.
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