Montenegro has extradited Do Kwon, co-founder of Terraform Labs, to the United States after a year-long legal battle with South Korea. The extradition concluded in favor of the U.S. despite competing requests.
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 via a post on X, stating that Kwon will face charges in the U.S. Justice Minister Bojan Božović rejected the South Korean extradition request.
Legal Battles and the Terra/Luna Collapse
Do Kwon's issues began with the collapse of the TerraUSD stablecoin and its related Luna token in May 2022. The fallout erased $33.9 billion in market value and sparked global concern. Authorities in the U.S. and South Korea charged Kwon with fraud and market manipulation.
Arrest and Prolonged Legal Saga
After months in hiding, Kwon was arrested in Montenegro in March 2023 while attempting to use falsified Costa Rican and Belgian passports. Montenegrin courts deliberated on the case for almost a year before prioritizing the US request.
Do Kwon's extradition to the U.S. concludes a long-standing legal battle and highlights the international significance of the case. In the U.S., Kwon faces court proceedings on eight major criminal charges.
