Montenegro’s Minister of Justice, Bojan Božović, has approved the extradition of Do Kwon, co-founder of Terraform Labs, to the United States. This decision follows the rejection of Kwon’s appeal by Montenegro’s Constitutional Court.
The Ministry of Justice declined South Korea’s request for Kwon’s extradition, citing stronger legal grounds for his transfer to the US. In a statement, the ministry said, “Most of the criteria provided by law support the request for extradition by the competent authorities of the United States of America.”
This marks the conclusion of a protracted legal battle over Kwon’s extradition, which has seen multiple reversals over the past year.
Legal Saga of Do Kwon’s Extradition
Kwon was apprehended in Montenegro in June 2023 for attempting to leave the country using a fake passport. His extradition has since been at the center of a complex legal tug-of-war between the US and South Korea, both of which sought to prosecute him for charges related to the collapse of Terraform Labs and its cryptocurrencies, TerraUSD and Luna.
- November 2023: Montenegro’s High Court approved Kwon’s extradition but left the decision of his destination to the justice minister.
- May 2024: Kwon’s defense team successfully appealed the decision, delaying extradition.
- August 2024: The Appellate Court ruled in favor of extraditing Kwon to South Korea, citing no further appeals against the decision.
- September 2024: The case was redirected to the justice minister after court officials determined Kwon met the legal requirements for extradition to either the US or South Korea.
- October 2024: A decision to extradite Kwon to the US was briefly halted due to a final appeal from his legal team.
With the appeal dismissed and the justice minister’s approval finalized, Kwon is now set to face trial in the US.
What’s Next for Do Kwon?
The conclusion of this multi-year legal battle clears the way for Kwon’s extradition to the United States, where he is expected to face charges tied to the catastrophic collapse of Terraform Labs. The event wiped out billions of dollars in investor funds and led to global regulatory scrutiny of the cryptocurrency industry.
The US Department of Justice has yet to issue a statement regarding Kwon’s extradition timeline or the specific charges he will face upon his arrival.
