Montenegro to Finalize Do Kwon’s Extradition Plans by Oct. 20

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

October 18, 2024 02:42 EDT

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Terraform Labs co-founder Do Kwon’s legal case is approaching a key moment as his extradition process is reportedly nearly complete. Authorities are set to make a decision by Sunday, Oct. 20.

Justice Minister Bojan Božović told local media that the decision on his extradition has already been made. He expects to officially sign it by the end of this week.

US, South Korea, Singapore Pursue Do Kwon Over TerraUSD Collapse

Authorities in Montenegro arrested Do Kwon in March 2023. He was trying to leave the country using what they claimed were fake passports. The crypto entrepreneur became infamous after the collapse of Terraform’s TerraUSD (UST) and Luna cryptocurrencies. This collapse caused around $40b in losses.

US prosecutors charged Do Kwon with an eight-count indictment, accusing him of securities fraud, wire fraud, commodities fraud, and conspiracy for allegedly misleading investors about Terra’s blockchain stability and future. South Korea also pursued legal action for similar financial crimes. Singapore too showed interest, though the specific allegations there are unclear.

Following a request from South Korean prosecutors, Interpol issued a Red Notice for Do Kwon in Sept. 2022.

Montenegro’s Supreme Court reportedly ruled on Sept. 19 that Do Kwon met the criteria for extradition to both South Korea and the US, granting the Minister of Justice authority to finalize the order.

Minister Božović said that the process might have been simpler had the court chosen the extradition destination, yet he is prepared to act on the decision nonetheless.