Emily Walker
In a significant legal development, Montenegro’s Justice Minister, Bojan Božović, has authorized the extradition of Do Kwon, co-founder of Terraform Labs, to the United States. This decision was reported by the Montenegrin newspaper Vijesti on Friday, bringing to a closure a lengthy legal battle between the U.S. and South Korea to put the controversial figure on trial.
Do Kwon’s Extradition to the US Confirmed
The Supreme Court of Montenegro had previously established that the necessary legal conditions for Do Kwon’s extradition were fulfilled, following distinct requests from both South Korea and the U.S. This ruling allowed Minister Božović to evaluate the details and determine which nation’s jurisdiction would take precedence.
According to the Department of Justice’s statement shared with Vijesti, “With the Supreme Court’s ruling as a backdrop, we have weighed all relevant facts and circumstances, considering the seriousness of the offenses, the location where they occurred, the order of the requests, the nationality of the accused, potential for further extradition, and additional factors.”
The statement added, “After this assessment, we concluded that most legal criteria favor the extradition request from the United States, and therefore, Minister Božović has granted the extradition of Kwon Do Hyeong to the U.S., while denying the request from South Korea.”
Do Kwon has faced scrutiny from authorities in both the U.S. and South Korea due to his alleged involvement in one of the largest collapses in the cryptocurrency market. In May 2022, the values of TerraUSD and Luna—tokens developed by Kwon—plummeted, resulting in a loss of about $40 billion from the crypto market and leading to multiple bankruptcies among cryptocurrency firms.
Investigators allege that Do Kwon misled investors and may have hidden substantial assets connected to the TerraUSD/Luna decline. He and Han Chang-joon, a former finance officer at Terraform Labs, were arrested at Podgorica airport on March 23 last year while attempting to travel to Dubai with counterfeit passports. Following this, Kwon was sentenced to four months in prison in Montenegro, prompting intensified extradition efforts from both the U.S. and South Korea.
Upon his release from Spuž Prison on March 23, Montenegrin officials transferred Do Kwon to an immigration office. After a lengthy interrogation of five hours, he was moved to the Immigration Center, where he remains as preparations for his extradition are finalized.
As of the latest updates, Terra Luna Classic (LUNC) was trading at $0.00011565.