Montenegrin Justice Minister Bojan Božović has signed the decision to extradite entrepreneur Do Kwon to the US, related to several financial crimes.
US Extradition: How the Decision Was Made
Montenegro’s Supreme Court had previously found that the legal conditions for Kwon’s extradition were met, following requests from both South Korea and the US. The Justice Ministry decided that the US request should take precedence, considering the seriousness of the alleged crimes, the order of the requests, and the defendant’s citizenship.
Collapse of TerraUSD and LUNA: Causes and Impacts
Do Kwon, founder of the collapsed cryptocurrencies TerraUSD and LUNA, is at the center of one of the biggest financial scandals in crypto history. The collapse of these digital assets in May 2022 wiped $40 billion off the market and triggered a domino effect that led to the bankruptcy of several crypto firms. US authorities allege that Kwon misled investors and concealed assets during the collapse.
Legal Ramifications and Next Steps
Kwon and his business partner Han Cheng Jun were caught at Podgorica Airport in Montenegro on March 23, 2023. The pair were accused of using fake passports while trying to board a flight to Dubai. Kwon was later 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 and detained there pending an extradition decision.
The extradition of Do Kwon to the United States is a significant development in one of the largest financial scandals. This decision is mainly related to the serious charges against Kwon and his involvement in the cryptocurrency sector.
