- Montenegro’s Supreme Court authorized the extradition of Do Kwon to South Korea or the USA.
- Justice Minister Bojan Božović will sign the extradition permit by the end of this week.
- Do Kwon faces criminal charges for the collapse of the Terra cryptocurrency, which led to $40B in losses worldwide.
Montenegro’s Supreme Court has ruled that Terraform Labs co-founder Do Kwon is eligible for extradition, according to a local source. The final decision now rests with the Minister of Justice, who is expected to sign the extradition order this week.
This decision clears the way for Kwon’s extradition to either South Korea or the United States, where he faces charges related to the May 2022 collapse of the Terra cryptocurrency ecosystem. The implosion of the Terra token and its associated stablecoin, Luna, wiped out around $40 billion in market value, causing huge losses for investors globally and becoming a defining event in the crypto industry.
Read more : Montenegro Supreme Court to Review Do Kwon Extradition Ruling
After the collapse, Kwon became a fugitive. Interpol issued a red notice for his arrest, and he was finally apprehended in March 2023 in Montenegro’s capital, Podgorica. Both South Korea and the USA have accused him of orchestrating the collapse and requested his extradition.
Minister of Justice to Decide Kwon’s Fate
With the Supreme Court’s approval, Montenegrin Minister of Justice Bojan Božović will determine which country will receive Kwon. In a recent interview, Božović stated that the decision has been made and the order should be signed by the end of this week. He added:
“As the Minister of Justice, I have nothing further to comment on after the Supreme Court’s decision. It might have been easier if the court had decided which country he should be extradited to, but I must act in accordance with the law.”
South Korea, where Terraform Labs is headquartered, is seeking Kwon’s extradition to face charges of financial crimes, including fraud and market manipulation. The United States has also filed charges, including conspiracy and securities violations, due to the impact of Terra’s collapse on US investors.
The final decision awaits Božović’s signature. This marks a crucial turning point in one of the biggest financial scandals in crypto history.
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