Extradition Decision for Do Kwon

A Montenegrin court has sanctioned the extradition of Terra founder Do Kwon to either South Korea or the United States. The decision, posted on the judiciary’s website, comes after Kwon’s arrest in Podgorica for carrying falsified documents.

Justice Minister to Finalize Extradition Destination

The final say on Kwon’s extradition lies with Montenegro’s Justice Minister. This decision will follow Kwon’s completion of a four-month prison sentence in Montenegro for document forgery.

Charges Against Kwon in the U.S. and South Korea

Following his arrest, Kwon faces numerous fraud charges from U.S. federal prosecutors and ongoing investigations in South Korea. These charges relate to the collapse of terraUSD last year, which led to significant financial losses.

Kwon’s Legal Journey in Montenegro

Earlier this month, the Montenegro High Court upheld Kwon’s four-month prison sentence for document falsification, dismissing his appeal. This decision paves the way for his potential extradition to South Korea or the U.S. upon completing his Montenegro sentence.

Terraform Labs’ Co-founder Indicted

Daniel Shin, co-founder of Terraform Labs, was indicted in South Korea in April for capital markets law violations. Prosecutors have frozen $185 million of his assets. Shin, however, denies any involvement in Terraform Labs’ collapse, stating he left the company two years prior.

Global Search for Kwon and Terraform’s Impact

Kwon became a focus of international attention in September 2022 when Interpol reportedly issued a red notice for him following the collapse of TerraUSD and Luna. These events erased approximately $40 billion of investor wealth in mere days.

Legal Proceedings and Future Developments

Kwon awaits further legal developments, including the Justice Minister’s decision on his extradition, marking a significant chapter in the ongoing saga of the Terraform Labs controversy.