Do Kwon, co-founder of Terraform Labs, has been extradited to the US from Montenegro after a prolonged battle over his extradition following the collapse of Terra and Luna cryptocurrencies.
The Extradition Details
On December 31, 2024, Montenegrin police handed Do Kwon over to FBI officers at Podgorica Airport. Prime Minister Milojko Spajić confirmed the transfer, indicating Kwon will face charges in the United States. Justice Minister Bojan Božović declined South Korea's extradition request, emphasizing Montenegro's zero-tolerance stance on fraud.
Legal Battles and the Terra/Luna Collapse
Kwon's troubles began with the collapse of the TerraUSD stablecoin and its sister token Luna in May 2022, resulting in a $33.9 billion market value loss. Authorities in the US and South Korea charged him with fraud and manipulation.
Arrest and Prolonged Legal Saga
Kwon was arrested in March 2023 in Montenegro while trying to travel on falsified passports. His case was deliberated for over a year, with numerous appeals from his legal team. In the US, he faces eight felony charges, including securities fraud.
Do Kwon's extradition to the US demonstrates a strong commitment to international justice and could mark a significant step in crypto market regulation.
