Montenegro’s Justice Minister, Bojan Božović, has authorized the extradition of Do Kwon, founder of Terraform Labs, to the United States, overruling a prior decision to send him to South Korea.
In a significant development in the Terra/Luna collapse saga, Montenegro’s Justice Minister, Bojan Božović, confirmed on Friday that Do Kwon will be extradited to the U.S. This decision comes after a complex legal battle involving both the U.S. and South Korea, who have been vying for custody of Kwon over charges stemming from the 2022 Terraform Labs debacle which led to the catastrophic fall of the TerraUSD and Luna cryptocurrencies.
Do Kwon, arrested in Montenegro in March 2023 on passport forgery charges, has resisted extradition to the U.S. for over a year. His journey through Montenegro’s legal system has seen various courts sway between favoring the U.S. or South Korea. However, Minister Božović’s recent statement aligns with Montenegro’s Supreme Court’s ruling, which deemed the conditions for Kwon’s extradition to the U.S. as fulfilled.
Božović detailed the decision process, noting:
“Bearing in mind the verdict of the Supreme Court, the Ministry of Justice considered all the facts and circumstances and assessed criteria such as the gravity of the criminal acts, the place of execution, the order of submission of the request, the citizenship of the requested person, the possibility of further extradition to another country, as well as other circumstances.”
This statement underscores the complexities involved in international extradition processes, particularly in high-profile crypto fraud cases. The U.S. was found to meet these criteria effectively, leading to the decision to extradite Kwon there.
The latest move by Montenegro’s judiciary adds another chapter to the ongoing legal drama surrounding Terraform Labs. Just last week, the U.S. Securities and Exchange Commission (SEC) settled charges with Tai Mo Shan, a Jump Crypto subsidiary, for selling LUNA as an unregistered security, agreeing to a settlement of 123 million dollars.
This decision not only marks a pivotal moment in Kwon’s legal journey but also signals ongoing repercussions from the Terra/Luna ecosystem’s downfall, affecting the global crypto industry’s regulatory landscape.