Montenegro has extradited Terraform Labs co-founder Do Kwon to the United States with the help of Interpol. The extradition was confirmed today by local news outlet Vijesti, citing a statement from the Montenegrin Ministry of Justice.
“Today, at the Podgorica Airport border gate, South Korean citizen Kwon Do-Hyung, who was wanted by two countries, South Korea and the United States, was extradited by NCB Interpol Podgorica authorities with the support of the special police unit,” the ministry said.
Kwon, the former CEO of Terraform Labs, was handed over to US law enforcement and FBI agents following a decision by the Montenegrin Justice Ministry. The move marks the culmination of months of legal proceedings in Montenegro, where Kwon faces rival extradition requests from the US and South Korea.
Do Kwon faces multiple charges in the United States, including conspiracy to commit securities fraud, money laundering and wire fraud, in connection with his role in the collapse of algorithmic stablecoins and cryptocurrencies TerraUSD and LUNA, which wiped out billions of dollars in investor funds.
The extradition comes after Montenegrin Justice Minister Bojan Božović signed the decision to extradite Kwon to the United States after receiving approval from the Montenegrin Constitutional Court on Friday.
In September, Montenegro’s Constitutional Court ruled that the final decision on Kwon’s extradition would be made by the Justice Minister. The decision to send Kwon to the US was influenced by the seriousness of the charges, where the crimes were committed, the order of the extradition requests and the potential for further extraditions, the ministry said.
*This is not investment advice.
