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Terraform Labs co-founder Do Kwon extradited to the US
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THE Terraform Labs co-founder Do Kwon was finally extradited to the United States this Tuesday (31), as reported by the local outlet Vijesti.
According to the Ministry of Justice of Montenegro, “today, at the border point of Podgorica Airport, South Korean citizen Kwon Do-Hyung, wanted by two countries — South Korea and the United States —, was extradited by officials of the Interpol Podgorica, with the support of the special police unit.”
The authorities handed over Kwon to the Americansincluding agents of the FBI. This occurred after the signing of the extradition order by the Minister of Justice of Montenegro, Bojan Božović. That decision followed months of legal wrangling and competing extradition requests from South Korea and the US.
In the United States, Do Kwon will face criminal chargeswhich include conspiracy to commit securities transaction fraud, money laundering, and wire fraud. The accusations are related to the collapse of the TerraUSD and its associated cryptocurrency, Lunain 2022. These events resulted in billion-dollar losses for investors around the world.
Accusations and financial crimes
The collapse of Terra-Luna highlighted vulnerabilities in algorithmic stablecoins and increased regulatory scrutiny on the cryptoasset market.
The extradition process took several twists and turns. After Kwon’s arrest in Montenegro in March 2023, he faced accusations for using falsified travel documents.
Initially, in February 2024, a Montenegrin court decided to extradite him to the USA. However, in March, the decision was reversed, giving preference to South Korea. The new decision triggered a series of appeals and postponements.
In September, the Constitutional Court of Montenegro ruled that it was up to the Minister of Justice make the final decision. Extradition to the USA took place on the basis of criteria such as the seriousness of the crimesthe location of the offenses and the order of extradition requests.
The case attracted political attention in Montenegro. Former Minister of Justice Andrej Milović even accused the Prime Minister Milojko Spajić to influence the extradition process in favor of South Korea, citing alleged financial connections between the government and Do Kwon.
Now, with your extradition completedUS courts will decide Kwon’s future. Meanwhile, the global financial sector continues to follow the case.
Terraform Labs co-founder Do Kwon extradited to the US
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Terraform Labs co-founder Do Kwon extradited to the US
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Terraform Labs co-founder Do Kwon extradited to the US
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Terraform Labs co-founder Do Kwon extradited to the US
