Montenegro Extradites Do Kwon: Authorities Hand Terra Founder Over To The FBI

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As an analyst with a keen eye for financial trends and a background in international law, I have followed the saga of Do Kwon, the elusive Terraform Labs co-founder, with both fascination and trepidation. His journey from crypto mogul to global fugitive has been nothing short of extraordinary, mirroring the rollercoaster ride that characterized the Terra ecosystem’s meteoric rise and catastrophic collapse in 2022.

The news of his extradition to the United States is not unexpected, given the prolonged legal battle between the U.S., South Korea, and Montenegro. The fact that Montenegro has decided to side with the U.S. in this case underscores the gravity of the alleged offenses committed by Do Kwon.

However, it is important to remember that every individual has the right to due process and a fair trial, regardless of their past actions or influence. As the legal proceedings unfold, I will be closely watching how this case develops, not just for its implications on the crypto industry but also as a testament to the rule of law in an increasingly interconnected world.

On a lighter note, I can’t help but wonder if Do Kwon has any regrets about choosing “Luna” as the name for his now-defunct cryptocurrency. After all, it seems he may have had more than one “lunar” experience in recent years!

Last night, it was declared by Montenegro authorities that Do Kwon, co-founder of Terraform Labs, was sent to the United States. This decision follows the Justice Minister’s signature on an extradition order, marking the end of a lengthy legal dispute between the U.S. and South Korea over bringing the crypto entrepreneur to court.

Terraform Labs Founder Handed Over To US Authorities

On December 31st, Montenegro handed over Do Kwon to the U.S. for trial related to his involvement in Terraform Labs’ breakdown in 2022. According to The Korean Herald, this marked the conclusion of a prolonged extradition process, as announced by the country’s interior ministry in a statement issued on Tuesday morning.

The report states that Do Kwon has been delivered to the appropriate American law enforcement agencies, including the FBI, to answer criminal charges in the U.S. for allegedly conspiring to commit fraud.

Previously, Bojan Božović, Minister of Justice from Montenegro, turned down South Korea’s demand and issued an order for the extradition of Do Kwon to the United States. For more than a year, both nations had been attempting his extradition, leading to a lengthy legal battle aimed at bringing the once-prominent crypto figure to court.

According to recent reports from local news outlets, the U.S. Department of Justice has carefully examined all relevant details and criteria and decided that the co-founder of Terraform Labs should be handed over to the United States for further proceedings.

Based on the information presented, it appears that the majority of legal requirements for an extradition request were found to be met by the U.S. authorities, leading to a decision by the Minister of Justice to approve the extradition of Kwon Do Hyeong to the United States. Simultaneously, the Minister denied the extradition request from the Republic of Korea.

According to reports, Do Kwon’s legal representatives in Montenegro have expressed disapproval of the Minister of Justice’s decision and stated their intention to challenge it at both the national Constitutional Court and the European Court of Human Rights.

Do Kwon’s Montenegro Saga

For more than a year and a half, the South Korean businessman was held in Montenegrin custody. In March 2023, he was arrested together with Terraform Labs’ former financial officer, Han Chang-joon, on charges of trying to use forged travel documents at Podgorica airport.

Prior to his capture, he had been hiding for several months, escaping from his native land and Singapore, following the bankruptcy of Terraform Labs. The company’s demise was one of the most significant collapses ever recorded in the crypto industry, as stated by the Federal Reserve Board in a paper. In just a week, the network’s two asset offerings, TerraUSD (UST) and Luna (LUNA), lost an estimated $50 billion in value.

As a crypto investor, I learned that Do Kwon was initially sentenced to four months in prison in Montenegro. Later, at the request of both the U.S. and South Korea, an additional two months were added to his sentence. Upon serving his time, he was taken to an immigration center, waiting for the decision of the Montenegrin High Court on extradition requests.

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2025-01-01 05:11