PANews reported on December 27 that according to a statement from the Montenegrin Ministry of Justice, Minister of Justice Bojan Božović has signed a decision to extradite Terraform Labs founder Do Kwon to the United States. Previously, the Montenegrin Supreme Court ruled that the legal conditions for extradition to the United States were met. After comprehensively considering factors such as the severity of the case, the location of the crime, and the order of extradition requests, the Ministry of Justice gave priority to approving the extradition request from the United States and rejected the extradition request from South Korea.
Do Kwon is being investigated by the US and South Korean authorities for his financial scandal related to the TerraUSD and Luna collapse. The incident caused the cryptocurrency market to evaporate about $40 billion in May 2022, triggering the bankruptcy of several crypto companies. Do Kwon is accused of defrauding investors and hiding assets. He was arrested in Montenegro in March 2023 for using a forged passport and sentenced to four months in prison. After serving his sentence, both the United States and South Korea made extradition requests. After review, the Montenegrin Ministry of Justice decided to give priority to the US extradition request.
