The latest news on the matter is that Montenegro plans to extradite Terraform Labs founder Do Kwon to the United States.
The development follows the approval of Do Kwon's extradition by Montenegro's Minister of Justice Bojan Bojovic on December 27, local news outlets reported. Mr. Bojovic signed the extradition of Terraform Labs' founders to the United States a day after Montenegro's Constitutional Court rejected Mr. Do Kwon's constitutional appeal.
Dogwon's appeal canceled
The court's decision leaves the decision on whether the Terraform Labs founder will be extradited to South Korea or the United States in the hands of the country's justice minister.
Kwon argued in his appeal that the extradition process was unfair and misinterpreted the law. However, this challenge had no impact on the Constitutional Court, and the decision to dismiss the appeal opened the final chapter of his extradition.
South Korea's Kwon has been under investigation by U.S. and South Korean law enforcement since the collapse of TerraUSD and Luna. The cryptocurrency project collapsed in May 2022, wiping over $40 billion in value from the cryptocurrency market. The ensuing epidemic engulfed multiple companies, including crypto financiers.
Kwon went into hiding and was arrested in Montenegro in March 2023, beginning a lengthy extradition process.
Terraform Labs agreed to a $4.5 billion settlement with the U.S. Securities and Exchange Commission in June 2024, and its CEO said it would cease operating the project.
