Montenegro Court Refers Do Kwon's Extradition to Justice Minister

The Golden Finance news agency reports that Montenegro's Supreme Court has decided to refer the extradition case of Do Kwon, co-founder of Terraform Labs, to the Montenegrin Minister of Justice for a decision on whether to extradite him to the United States or South Korea. The court determined that both the US and South Korea have met the extradition requirements.

Kwon faces charges related to the collapse of the Terra ecosystem in 2022, an event that triggered a wave of cryptocurrency company bankruptcies. Kwon's whereabouts were unknown until he was apprehended in Montenegro in 2023. Montenegrin authorities arrested Kwon for using forged travel documents and sentenced him to four months in prison. Since his release, his legal proceedings have continued.

It remains unclear whether the Montenegrin Minister of Justice will have the final say on Kwon's extradition. In April, a ruling by then-Minister Andrej Milović was appealed by Kwon's legal team. Milović has since been replaced by Bojan Božović.

In the United States, Kwon and Terraform Labs have been found liable for defrauding investors and ordered to pay approximately $4.5 billion in fines and restitution. Terraform filed for bankruptcy protection in January and received approval for a liquidation plan in September. Meanwhile, South Korean authorities have brought charges against several individuals associated with Terraform, further intensifying focus on Kwon's case.