Montenegro has greenlit the extradition of Terraform Labs co-founder Do Kwon to the United States, possibly settling a tug-of-war between the U.S. and South Korea, according to Bloomberg.
Do Kwon’s U.S. Extradition Approved Amid Fraud Charges
Montenegro’s Justice Ministry made the announcement, highlighting that “most criteria envisaged by the law are in favor of the extradition demands from the institutions of the United States of America.” U.S. Justice Minister Bojan Bozovic gave the nod on Friday, though Bloomberg’s Bloomberg’s Misha Savic and Jasmina Kuzmanovic say the exact date for Do Kwon‘s move is still up in the air.
Kwon, the mastermind behind Terraform Labs which crumbled with the $40 billion terrausd (UST) stablecoin fiasco in 2022, is facing charges in both New York and Seoul. He was nabbed in Montenegro last year for using a fake passport. His attorney, Goran Rodic, has made it clear Kwon prefers extradition to South Korea but has zipped his lips on the recent decision.
The report further notes that the Manhattan U.S. attorney’s office, which slapped Kwon with fraud charges in 2023, has kept mum about the latest twist. Montenegrin legal eagles had previously backed South Korea’s extradition bid, hinting that more legal wrangling might be on the horizon before Kwon’s final stop is set.
Back in April 2024, Terraform Labs and Kwon were deemed liable for fraud by the Securities and Exchange Commission (SEC). The settlement saw the company coughing up $4.5 billion in penalties, piling on to their legal woes.
This tale is still unfolding, and the precise moment when Terra’s Do Kwon will be whisked off to the U.S. remains a mystery for the time being.
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