Montenegro's Supreme Court ruled to authorize the extradition of Terraform Labs co-founder Do Kwon, according to a local source. The Justice Minister is expected to sign the extradition order this week.
Supreme Court Decision
The Supreme Court of Montenegro officially stated that Do Kwon can be extradited to South Korea or the USA. The final decision will be made by the Minister of Justice in the coming days.
Consequences of Terra's Collapse
Do Kwon faces charges related to the May 2022 collapse of the Terra cryptocurrency ecosystem. The implosion of the Terra token and its associated stablecoin, Luna, wiped out approximately $40 billion in market value, causing significant losses for investors globally.
Extradition and Next Steps
Following the collapse, Do Kwon became a fugitive: Interpol issued a red notice for his arrest, and he was apprehended in March 2023 in Montenegro. He is now awaiting extradition to face trial.
The decision by Montenegro's Supreme Court paves the way for Do Kwon's extradition, which may lead to significant court cases in the crypto sector.
