Montenegro Greenlights Do Kwon's Extradition to the United States
According to a ministry announcement released Friday, Montenegro's Justice Minister, Bojan Božović, has officially authorized the extradition of Terraform Labs co-founder Do Kwon to the United States.This decision comes after the Constitutional Court of Montenegro dismissed Kwon's appeal earlier this week, upholding a previous Supreme Court ruling. The Supreme Court's September decision had overturned Kwon's initial transfer to South Korea, placing the final extradition decision in the hands of the Justice Minister.
The Ministry of Justice stated that its decision followed a thorough review of all relevant facts and circumstances, including established criteria such as the severity and location of the alleged offenses, the order in which extradition requests were received, Kwon's nationality, and the potential for further extradition to other jurisdictions.
Kwon's legal saga stems from the 2022 collapse of the TerraUSD stablecoin and its sister cryptocurrency, Luna, which resulted in billions of dollars in losses for investors globally. This led to arrest warrants being issued by authorities in South Korea, the U.S., and Interpol.
Kwon was apprehended in Montenegro in March of the previous year for possessing forged travel documents. Following his release from prison this past March, he has been embroiled in an extradition dispute within Montenegro, with the courts weighing competing requests from the U.S. and South Korea.
Earlier this year, the High Court in Montenegro initially approved Kwon's extradition to the United States to face charges related to the 2022 Terra-Luna crash. However, this decision was subsequently overturned in early March, with the court then favoring extradition to South Korea. This reversal triggered months of appeals, delays, and conflicting legal interpretations.
Kwon's legal team had advocated for his extradition to his native South Korea, where the maximum penalties for financial crimes typically range from 30 to 40 years. In contrast, the U.S. legal system allows for consecutive sentences for each count on which a defendant is convicted, potentially resulting in significantly longer prison terms.
The Kwon extradition case has also sparked political controversy in Montenegro. Former Justice Minister Andrej Milovic has accused Prime Minister Milojko Spajić of influencing the extradition process in favor of South Korea due to alleged financial connections with Kwon.