Do Kwon, co-founder of Terraform Labs, extradited from Montenegro to the U.S. following lengthy legal disputes with South Korea.
The Extradition Details
On December 31, 2024, Montenegrin police handed Do Kwon to FBI officers at Podgorica Airport. Prime Minister Milojko Spajić confirmed the transfer, stating Kwon would face charges in the U.S. Justice Minister Bojan Božović rejected South Korea’s extradition request, emphasizing Montenegro’s commitment to international justice.
Legal Battles and the Terra/Luna Collapse
Do Kwon's issues started with the collapse of the TerraUSD stablecoin and Luna token in May 2022, resulting in a $33.9 billion market value loss. Authorities in the U.S. and South Korea charged him with fraud and market manipulation.
Arrest and Prolonged Legal Saga
Do Kwon was arrested in Montenegro in March 2023 while using falsified passports. The Montenegrin courts deliberated for a year, delaying processes despite multiple appeals. In the U.S., he faces eight charges, including securities fraud. SEC imposed fines of $4.5 billion.
The extradition of Do Kwon to the U.S. marks a significant step in the international combat against financial crimes in the crypto industry.
