Montenegro has denied South Korea’s extradition request for Do Kwon, confirming the Terra Luna founder will be extradited to the US.
The move potentially ends a legal saga and a standoff between the US and South Korea over competing extradition demands for Do Kwon.
The decision to extradite Do Kwon to the US was approved by Montenegro’s Justice Minister Bojan Bozovic. The move comes after a Supreme Court ruling and legal evaluation, which lasted for over a year. According to Montenegro’s Supreme Court, both the US and South Korea had met legal conditions for extradition.
“JUST IN: Terra Luna Founder Do Kwon to be extradited to the United States.”
Do Kwon and his business partner Han Cheng Jun were arrested in March 2023 at Podgorica airport, attempting to travel to Dubai using forged passports. Kwon also served a four-month prison sentence in Montenegro for document forgery. Montenegro’s Ministry of Justice said in a statement,
“The Ministry of Justice examined all the facts and circumstances, including the severity of the crimes, the jurisdiction of the offenses, and the extradition requests. Most criteria favored the US request. Most criteria envisaged by the law are in favor of the extradition demands from the institutions of the United States of America.”
Bozovic decided on Friday but did not specify when the handover would happen.
Do Kwon faces charges in New York and Seoul over the collapse of the TerraUSD stablecoin in 2022, which led to losses worth a staggering $40 billion and the collapse of several prominent crypto companies. The Manhattan US Attorney’s office brought fraud charges against Do Kwon last year but has not commented on Montenegro’s decision. US authorities claim that Do Kwon misled investors and believe he is hiding substantial assets. Furthermore, it is unclear if Friday’s decision is final because courts in Montenegro have also previously ruled that Do Kwon must be extradited to South Korea instead of the US. Do Kwon’s lawyer, Goran Rodic, who attempted to get him extradited to South Korea, has also not spoken about the decision.
Terraform and Do Kwon were found personally liable for fraud after a civil trial following allegations by the United States Securities and Exchange Commission (SEC). Following the trial, Terraform has agreed to pay $4.5 billion and settle the case with the SEC.
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