Montenegro has completed the extradition of Do Kwon, the founder of the collapsed cryptocurrency project TerraUSD/Luna. Kwon was arrested in Montenegro in 2023 and unsuccessfully fought extradition to the United States. He is also wanted in South Korea in connection with the 2022 Tera cryptocurrency explosion worth $40 billion.
Montenegro Prime Minister Milojko Spajić announced that Montenegro has completed the extradition of Terraform Labs founder Do Kwon to the United States.
The extradition came days after Montenegro’s Justice Minister Bojan Bojovic signed the extradition, which came after the country’s Constitutional Court rejected Do Kwon’s appeal.
Montenegrin Prime Minister approves Kwon’s extradition
“Today, Montenegro completed the extradition of Mr. Do Kwon to the United States to face charges in the Terra/Luna case. Our country welcomes innovation and legitimate crypto, AI, and other technology entrepreneurs, but fraud We have zero tolerance for this act. This extradition demonstrates our unwavering commitment to international justice and the rule of law,” the Prime Minister said.
Montenegrin police arrested Kwon in 2023, when the Terraform Labs founder was on the run after the collapse of TerraUSD and Luna in 2022.
The collapse wiped out more than $40 billion worth of value, impacting multiple other crypto projects and ushering in an epidemic that cost millions of users.
Since Mr. Kwon was unable to avoid extradition, he will now be charged with fraud in the United States.
In April 2024, Terraform and Kwon agreed to a $4.5 billion settlement with the Securities and Exchange Commission.
