- Montenegro approves Do Kwon’s extradition to South Korea over Terraform Labs’ collapse.
- Court rejects U.S. extradition request in high-profile cryptocurrency fraud case.
- Do Kwon to face South Korean justice for TerraUSD collapse and alleged securities scam.
Bloomberg reports that the Montenegro Appellate Court has approved the extradition of Do Kwon, the co-founder of Terraform Labs, to South Korea to face charges related to the TerraUSD collapse. This ruling, announced on August 1, rejects a competing request from the United States. Consequently, Kwon will face legal proceedings in his home country rather than in the U.S.
The court’s decision follows a series of legal challenges. Earlier, Montenegro’s Supreme Court had overturned a prior decision approving Kwon’s extradition to South Korea. The case was referred back to the Higher Court in Podgorica. This sparked a protracted legal battle between South Korea and the U.S., each vying for jurisdiction over the high-profile cryptocurrency fraud case.
The Podgorica-based appellate court confirmed the extradition ruling as final, upholding a fast-track extradition procedure set by an earlier ruling. Therefore, there will be no further appeals against this decision.
Following the court’s decision, Goran Rodic, Kwon’s lawyer, indicated that Montenegro will coordinate the extradition with Interpol. Consequently, he anticipates a swift extradition process. Kwon was detained at Podgorica airport on March 23, 2023, while attempting to travel to Dubai using a fake passport. He served a four-month sentence for forgery and has since been held in a detention center near Podgorica.
Notably, Kwon is wanted in both South Korea and the United States for his alleged role in a major securities scam connected to the TerraUSD collapse. Terraform Labs, the startup he co-founded, created the TerraUSD stablecoin, which blew up in May 2022, rattling the crypto market.
The Montenegrin courts have faced conflicting demands from the U.S. and South Korea since Kwon’s arrest. However, the recent appellate court decision marks a significant development in resolving his extradition saga.
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