Montenegrin Justice Minister Bojan Božović has decided to extradite controversial cryptocurrency entrepreneur Do Kwon to the United States, a decision confirmed by local media outlet Vijesti.
The Supreme Court of Montenegro had previously stated that the legal conditions for extradition requests from both South Korea and the US were met. However, the Justice Ministry decided that the US request took precedence after considering various factors, including the seriousness of the crimes in question, the order of the extradition requests and the country of citizenship of the defendant.
“Taking into account all the circumstances, including the seriousness of the crimes and the possibility of extradition to another country, Minister Božović approved the extradition of Kwon Do Hyeong to the United States and rejected the request of the Republic of Korea,” the Justice Ministry said in a statement.
Do Kwon, founder of crypto projects TerraUSD and LUNA, is at the center of one of the biggest financial scandals in the crypto world. The crash of these digital assets in May 2022 wiped $40 billion off the market and triggered a domino effect that led to the bankruptcy of a series of crypto firms. US authorities allege that Kwon misled investors and concealed assets during the crash. This disaster caused huge financial losses to investors around the world.
Kwon and his business partner Han Cheng Jun were caught at Podgorica Airport in Montenegro on March 23, 2023. The duo were arrested while trying to use fake passports to travel to Dubai. Kwon was sentenced to four months in prison in Montenegro for forgery.
Following his release from prison in March 2024, Kwon was taken to the Foreigners Reception Center in Montenegro to await an extradition decision. Although both the US and South Korea requested Kwon’s extradition, Montenegro ultimately prioritized the US request and made its decision.
