Montenegro has officially approved the extradition of Do Kwon, the co-founder of Terraform Labs, to the United States. This decision was announced by the Montenegrin Minister of Justice, Bojan Božović, marking a significant development in a protracted legal saga that has drawn international attention.
Kwon, a South Korean national, is facing serious charges in the U.S. related to his role in the catastrophic collapse of the TerraUSD and Luna cryptocurrencies, which resulted in losses exceeding $40 billion for investors. His arrest occurred in March 2023 when he attempted to board a flight using counterfeit travel documents in Montenegro. Since then, both the United States and South Korea have pursued his extradition.
The Montenegrin Supreme Court previously determined that all legal requirements for Kwon’s extradition had been met. Following this ruling, Minister Božović evaluated requests from both countries and ultimately concluded that the U.S. had a stronger case for extradition. The Ministry of Justice stated that various legal criteria favoured the U.S. request over that of South Korea, leading to the decision to extradite Kwon to face charges in New York.
This ruling follows months of legal proceedings and appeals by Kwon’s defence team, which argued against his extradition on several grounds. However, their appeals were dismissed by Montenegro’s Constitutional Court, which upheld the Supreme Court’s decision and cleared the way for Kwon’s handover to U.S. authorities.
The timeline for Kwon’s extradition remains unclear. Still, this development signals a pivotal moment in a case that has captivated the cryptocurrency community and raised questions about regulatory oversight in the digital asset space. As Kwon prepares to face charges in the U.S., many are watching closely to see how this high-profile case will unfold and what it means for the future of cryptocurrency regulation globally.
