Montenegro extradited Terraform Labs co-founder Do Kwon to the United States on Tuesday, according to local news agency Vijesti.
Do Kwon – Co-founder of Terraform Labs
“Today, at the Podgorica airport checkpoint, South Korean citizen Kwon Do-Hyung – wanted by both South Korea and the United States – was extradited by Podgorica Interpol NCB officers with the assistance of a special police unit,” Vijesti reported, citing a statement from Montenegro’s Ministry of Justice.
The report added that the founder and former CEO of Terraform Labs has been turned over to US law enforcement and FBI agents, following a decision by the Montenegrin Justice Department.
The extradition follows months of proceedings in Montenegro, where Kwon faces competing extradition requests from the United States and South Korea. He faces criminal charges in the United States, including conspiracy to commit securities fraud, money laundering, and wire fraud. The charges stem from his role in the disastrous collapse of TerraUSD and Luna — an algorithmic stablecoin and cryptocurrency linked to Terraform Labs — that cost investors billions of dollars.
Montenegro's Justice Minister signs extradition order
Montenegro's Justice Minister Bojan Božović signed an order to extradite the co-founder of Terraform Labs to the United States on Friday.
The move follows a decision by Montenegro's Constitutional Court to reject Kwon's appeal against an earlier Supreme Court ruling that invalidated the Terra founder's extradition to South Korea. In September, the court ruled that the justice minister would make the final extradition decision, resulting in his extradition to the United States.
The decision was based on a number of criteria, including the severity of the crime, the location of the crime, the order in which the extradition request was made, Kwon's nationality and the possibility of further extradition, the ministry said.
Extradition process delayed
Kwon was arrested in Montenegro in March 2023 following the failure of his algorithmic stablecoin TerraUSD and cryptocurrency Luna. Authorities in South Korea, the United States, and Interpol have issued arrest warrants for him in connection with the case. The co-founder and former CEO of Terraform Labs was arrested in Montenegro last March for traveling on false documents and served time in the country before being extradited.
Kwon’s legal journey in Montenegro has been delayed by inconsistent rulings. A Montenegrin court initially ruled in February 2024 that Kwon should be extradited to the United States to face charges related to the Terra-Luna collapse. However, in March, the court reversed its decision and instead ordered his extradition to South Korea. This has led to a protracted legal battle with multiple appeals and inconsistent rulings.
The case attracted political attention in Montenegro, as former Justice Minister Andrej Milovic accused Prime Minister Milojko Spajić of influencing the decision in favor of South Korea due to financial ties between the government and Kwon.
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