Do Kwon’s Extradition to the U.S. Approved

The extradition of Do Kwon, co-founder of Terraform Labs, to the United States has been approved by Montenegro’s Minister of Justice, Bojan Božović. This decision follows Montenegro’s Constitutional Court’s dismissal of Kwon’s appeal, concluding a prolonged legal battle that involved multiple reversals and appeals.

Decision Details

While prosecutors from both the U.S. and South Korea sought Kwon’s extradition, Montenegro’s Ministry of Justice chose to approve the United States’ request, citing compliance with legal criteria. In a translated statement reported by Vijesti, the ministry explained:

“It was concluded that most of the criteria provided by law support the request for extradition by the competent authorities of the United States of America.”

The Ministry simultaneously rejected Kwon’s extradition to South Korea, marking a significant development in the case.

Timeline of Legal Proceedings

Do Kwon’s extradition case has seen numerous twists and turns:

• November 2023: Montenegro’s High Court approved Kwon’s extradition but left the decision of the destination to the Minister of Justice.
• May 2024: Kwon’s legal team successfully appealed the extradition decision, delaying proceedings.
• August 2024: Montenegro’s Appellate Court upheld a lower court’s ruling to extradite Kwon to South Korea, expediting the process due to a lack of appeal.
• September 2024: The case was sent back to the Justice Minister to deliberate between the U.S. and South Korea.
• October 2024: A decision to extradite Kwon to the U.S. was initially made but was halted due to a pending appeal.

With the recent dismissal of Kwon’s appeal and the Justice Minister’s approval, his extradition to the U.S. appears imminent, potentially closing the multi-year legal saga.

Charges Awaiting Do Kwon

Kwon faces numerous charges in both the United States and South Korea related to the collapse of Terraform Labs and its flagship stablecoin TerraUSD. The collapse triggered a crypto market meltdown in 2022, resulting in significant financial losses for investors.

The U.S. has accused Kwon of securities fraud, wire fraud, and conspiracy, among other charges. Meanwhile, South Korean authorities had sought his extradition on similar grounds, alleging violations of the country’s Capital Markets Act.

Do Kwon’s extradition approval to the U.S. marks the culmination of a complex and drawn-out legal process. As he prepares to face charges in the United States, this decision highlights the international cooperation in holding individuals accountable for financial misconduct in the crypto space.

The resolution of this high-profile case will undoubtedly have implications for global regulatory and enforcement efforts in the cryptocurrency industry.