Montenegro’s Minister of Justice, Bojan Božović, announced approval for the extradition of Do Kwon, the founder of Terraform, to the United States instead of South Korea. This decision comes amidst ongoing requests from both the U.S. and South Korean governments for his custody. Both countries aim to charge Kwon in connection with the collapse of the Terra/Luna algorithmic stablecoin system in 2022, which led to significant failures in the crypto market, including FTX.
Kwon was arrested in Montenegro in March 2023 and had been sentenced to a few months in prison for passport forgery. He has contested his extradition to the U.S. for over a year, while various Montenegrin courts have wavered on the decision between the U.S. and South Korea.
In Božović’s statement, he noted that Montenegro’s Supreme Court had determined that the extradition conditions were satisfied. The Ministry of Justice evaluated numerous factors, including the seriousness of the allegations, the location of the crimes, and the order of extradition requests, before concluding that the U.S. request was preferable.
The announcement marks another twist in Kwon’s legal saga, as the Montenegrin appellate court had ruled in August 2024 for his extradition to South Korea. Meanwhile, legal consequences surrounding Terra continue to unfold in the U.S., where the Securities and Exchange Commission recently settled charges relating to the sale of LUNA as a security, resulting in a $123 million penalty for one of its subsidiaries, Tai Mo Shan.
________
At Crypto Dummies, we strive to demystify the complexities of the cryptocurrency world for enthusiasts of all levels. Through insightful articles, guides, and analysis, we cover topics ranging from blockchain technology to market trends and investment strategies. Stay informed and empowered with Crypto Dummies – your go-to source for accessible crypto knowledge.
