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Montenegro High Court Rules to Extradite Terraform Labs Co-Founder Do Kwon to South Korea Amid Global Legal Battle

Following a High Court decision in Montenegro, Do Kwon, co-founder of Terraform Labs and figure central to the 2022 TerraUSD cryptocurrency collapse, is slated for extradition to South Korea. This ruling amends a previous one which had approved his extradition to the United States. Kwon, apprehended in Montenegro in March

Chris Dannen profile image
by Chris Dannen
Montenegro High Court Rules to Extradite Terraform Labs Co-Founder Do Kwon to South Korea Amid Global Legal Battle

Following a High Court decision in Montenegro, Do Kwon, co-founder of Terraform Labs and figure central to the 2022 TerraUSD cryptocurrency collapse, is slated for extradition to South Korea. This ruling amends a previous one which had approved his extradition to the United States. Kwon, apprehended in Montenegro in March 2023 for possessing a forged passport, faces allegations in both South Korea and the U.S., with the latter country charging him with fraud related to TerraUSD's crash. Although South Korea's claim for Kwon's custody has been recently prioritized, the finality of this decision remains ambiguous considering earlier plans for his U.S. extradition were overturned.

Kwon’s extradition is anticipated to follow his sentencing in Montenegro for the passport fraud later this month. This development aligns with the February 2024 extradition of Terraform Labs CFO, Han Chang-joon, to South Korea, underscoring consistent legal pressures on the company's leadership. The controversy stems from the dramatic devaluation of TerraUSD and Luna in May 2022, shaking investor faith and leading to significant financial losses.

The choice between extraditing Kwon to the U.S. or South Korea has sparked debate, with some suggesting the U.S. could more effectively manage asset seizure and redistribution as part of the proceedings—a strategy seen in the extradition of former Goldman Sachs banker Roger Ng in the 1MDB scandal. This ongoing saga underscores the intricate, global efforts to navigate legal ramifications from major disruptions in the cryptocurrency market.

Chris Dannen profile image
by Chris Dannen

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