Montenegro signed the extradition order for Do Kwon to the U.S., marking a pivotal moment in the crackdown on cryptocurrency-related financial crimes.
The Decision: U.S. Over South Korea
Montenegro's Supreme Court approved the extradition of Do Kwon to the United States after a thorough review of requests from the U.S. and South Korea. The Justice Ministry noted the seriousness of the crimes and the order of requests, which ultimately favored the U.S.
The TerraUSD and Luna Collapse: A Ripple Effect
In May 2022, the collapse of Do Kwon's digital tokens, TerraUSD and Luna, led to global financial losses amounting to $40 billion, leaving investors at a loss. Investigations revealed Kwon's key role in misleading investors and hiding wealth, criticized as intentional deceit.
The Do Kwon Arrest and Detention in Montenegro
Do Kwon and his partner were arrested at Podgorica Airport in March 2023 while trying to leave for Dubai with forged passports. After four months in Montenegrin prison, he was handed over to the foreign nationals' inspection and is now awaiting extradition to the U.S.
Do Kwon's extradition to the U.S. represents a significant step towards justice for many affected investors and the broader crypto industry.
