Montenegro court gives the green light for extradition of ‘cryptocurrency king’ Do Kwon
Montenegro to Extradite Cryptocurrency Entrepreneur Do Kwon
A court in Montenegro has approved the extradition of cryptocurrency entrepreneur Do Kwon, leaving a decision in the hands of the justice minister as to whether he will be handed over to South Korea or the United States, both of which are seeking his extradition. Kwon faces charges in the U.S. for alleged involvement in a multibillion-dollar fraud, and his ally was sentenced in June to four months in prison for using forged passports.
The Arrest and Evidence
Kwon and his associate were arrested in late March in Montenegro as they attempted to board a flight to Dubai from Podgorica. Following their arrest, police discovered doctored Costa Rican passports, a separate set of Belgian passports, as well as laptop computers and other devices in their luggage.
In May, during a hearing, the defendants denied the charges pressed by the Montenegrin prosecutor. However, the court in the Montenegrin capital Podgorica announced on Friday that Do Kwon had consented to be extradited to South Korea under an abbreviated procedure. The final decision, however, rests with the justice minister, due to multiple states requesting his handover.
Legal Proceedings
The extradition decision will be made after Kwon completes his prison sentence for document forgery. His lawyer in Podgorica was not immediately available to comment on the situation. Kwon is the former CEO of Terraform Labs, a South Korea-based company behind the stablecoin TerraUSD, which collapsed in May 2022, leading to turbulence in cryptocurrency markets.
In response to the U.S. charges, a spokesperson for Terraform Labs, the company Kwon founded, stated in July that they would fight the “misguided and deeply flawed” allegations. The U.S. District Court in Manhattan has made public an eight-count indictment against Kwon for securities fraud, wire fraud, commodities fraud, and conspiracy.
In May, a Montenegrin court revoked a bail of 800,000 euros for the pair, citing that it could not be taken as a solid guarantee, nor could their promise that they would not flee once released from detention.
Looking ahead, the final decision on Do Kwon’s extradition remains uncertain as multiple international parties are involved, reflecting the complexity and severity of the alleged crimes.
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