Report: Last-ditch attempt in Montenegrin court leads to extradition of Do Kwon to US

Terraform Labs co-founder, Do Kwon, who has been residing in Montenegro since his arrest in March 2023, is expected to be extradited to the United States to face charges of fraud. The High Court of Podgorica in Montenegro recently denied a request to extradite Kwon to South Korea prior to the United States. Kwon’s legal team had appealed, arguing that the final decision regarding his extradition rested with Montenegro’s Justice Minister, but the high court dismissed this claim. The exact timing of Kwon’s travel to the United States remains uncertain. After the collapse of Terra in May 2022, Kwon’s whereabouts were largely unknown until his arrest in March 2023 for using falsified travel documents in Montenegro. He was subsequently sentenced to four months in prison and has been involved in extradition proceedings while in custody. Both the United States and South Korea have been vying to charge Kwon with fraud related to his time at Terraform. Shortly after his arrest in Montenegro, the U.S. Attorney’s Office filed eight criminal charges against Kwon. Additionally, the U.S. Securities and Exchange Commission has a civil case against Kwon and Terra, with a trial scheduled for March 25. The allegations involve a “multi-billion dollar crypto asset securities fraud” in relation to the offering of TerraUSD (UST) and Terra (LUNA).