Montenegro extradited Terra co-founder Do Kwon to the United States with the help of Interpol and the country’s Special Police Unit. The Montenegrin Minister of Justice approved Kwon’s extradition on Friday. Thus, the long-standing extradition process was finalised.
Montenegro extradited the founder of Terra to the USA!
As you follow from Kriptokoin.com, the extradition of Terra founder Do Kwon has turned into a complete snake story. We witnessed a changing extradition process between South Korea and the U.S. In a recent development, this story was finalised. According to local news source Vijesti, Montenegro extradited Terra co-founder Do Kwon to the US today. Referring to the statement made by the Montenegrin Ministry of Justice, Vijesti made the following statement:
Today at the Podgorica Airport border crossing, South Korean citizen Kwon Do-Hyung, wanted by two countries, South Korea and the United States, was extradited by NCB Interpol Podgorica officials with the support of the special police unit.
The founder and former CEO of Terra was handed over to US law enforcement and FBI agents following the decision of the Montenegrin Ministry of Justice, the report said. During the extradition process, Kwon faced competing extradition requests from the US and South Korea. The final decision came after months of legal proceedings in Montenegro.
What will the Terra founder face in the US?
Kwon faces charges in the US, including conspiracy to commit securities transaction fraud, money laundering and wire fraud. The charges stem from his role in the collapse of TerraUSD and Luna, the algorithmic stablecoin and cryptocurrency associated with Terraform Labs. This resulted in billions of dollars of investor losses.
Refund ordeal
The algorithmic stablecoin TerraUSD and its sister cryptocurrency Luna collapsed dramatically. This was followed by the arrest of Do Kwon in Montenegro on 2023 March. Authorities in South Korea, the US and Interpol have issued arrest warrants for Kwon in connection with the incident. The co-founder and former CEO of Terraform Labs was arrested in Montenegro in March last year for travelling with forged travel documents. He also served time in prison in the country before the extradition order.
Kwon’s legal journey in Montenegro has been marked by delays and reversals. First, in February 2024, a Montenegrin court ordered Kwon’s extradition to the United States. In March, however, the court reversed its decision, opting to extradite Kwon to South Korea. This was followed by multiple appeals and inconsistent judgements. This led to a protracted legal battle. The case attracted political attention in Montenegro, where former Justice Minister Andrej Milovic accused Prime Minister Milojko Spajić of influencing the decision in favour of South Korea due to alleged financial ties between the government and Kwon.
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