Montenegro is nearing a decision on the extradition of Terraform Labs co-founder Do Kwon, with a ruling expected by October 19.
Another legal drama involving Do Kwon, the co-founder of Terraform Labs, is approaching a critical juncture. According to Montenegrin officials, the extradition procedure is currently in its final stages. A decision is anticipated by Sunday, October 19.
Bojan Bozovic, Montenegro’s Minister of Justice, has stated that the government has determined a destination for Kwon’s extradition. However, the government has not yet disclosed whether he will be sent to the United States or South Korea, both of which have submitted petitions.
The Extradition Process’s Final Stages
Bozovic declared on October 17 that the concluding documents required for Kwon’s extradition could be signed by the end of the week. Nevertheless, he declined to disclose additional information regarding the nation that will receive Kwon.
Kwon has been charged with multiple counts of crypto fraud in both South Korea and the United States. These charges are associated with the collapse of the Terra ecosystem, which caused significant losses for investors worldwide.
Bozovic acknowledged that Montenegrin authorities have been tasked with determining which country will assume custody of Kwon, despite the Supreme Court’s ruling that he is eligible for extradition. Bozovic underscored the difficulties of the decision, stating, “It would have been simpler for me if the court had made a decision.”
International Charges and Legal Journey
In May 2022, Terra’s algorithmic stablecoin, TerraUSD, lost its anchor to the U.S. dollar, which sparked Do Kwon’s legal troubles.
The crash of TerraUSD and its sibling token, Luna, resulted from the fallout, which resulted in billions of dollars in losses for investors and sparked criminal investigations in numerous countries. Kwon has been accused of fraud in the United States, Singapore, and South Korea.
Kwon reportedly concealed himself in Serbia for months after the collapse, evading authorities. His eventual detention in Montenegro occurred in March 2023, when he attempted to depart the region using falsified travel documents.
Kwon was convicted of forgery and subsequently served a six-month sentence in Montenegro. He has been in detention while his extradition is being processed.
Anticipating the ultimate determination
Despite the Supreme Court of Montenegro‘s judgment in September 2023 that the conditions for Kwon’s extradition were satisfied, the decision has been postponed. However, the court did not specify the country to which Kwon should be sent, leaving the ultimate decision in the hands of the Montenegrin government.
The U.S. and South Korea are both anxious to prosecute Kwon for his involvement in Terra’s downfall as the extradition decision approaches. In conclusion, it is anticipated that a resolution will be reached relatively soon, and it is probable that Kwon will be on trial shortly.
