On December 31st, authorities in Montenegro completed the extradition process of Terraform Labs co-founder Do Kwon from Montenegro to the US, ending an extended judicial process involving both countries who are eager to prosecute him for his involvement in Terraform Labs’ dramatic collapse in 2022. This marks an end of years-long battles over prosecution for his crypto entrepreneurship activities and arrest.
Transfer of Terraform Labs Founder to US Custody
On December 31st, Do Kwon was officially transported to the US where he will stand trial for crimes related to Terraform Labs’ collapse. Announcements indicate he was handed over to US law enforcement and Federal Bureau of Investigation (FBI) representatives to start his journey through American criminal justice system facing conspiracy to commit fraud charges.
Montenegro’s Minister of Justice, Bojan Bozovic, made the decision to extradite Kwon to the US following months of legal wrangling over South Korea’s request, opting instead to comply with US’s request and bring Kwon before an appropriate tribunal to account for his company’s massive financial disruptions.
Although Kwon’s legal team in Montenegro have opposed this decision and intend to challenge it through higher judicial bodies such as constitutional court or European Court of Human Rights, extradition proceedings have already taken place.
The Montenegro Chapter in Do Kwon’s Legal Troubles
Do Kwon was arrested at Podgorica airport for using falsified travel documents and was held for over 18 months before his extradition was finalized. Do Kwon attempted to avoid justice by fleeing Singapore and South Korea prior to Terraform Labs’ bankruptcy – an event which erased an estimated $50 billion worth of its digital currency offerings within just seven days according to analysis.
Do Kwon was given a prison sentence totaling six months following requests by both South Korea and the US for additional time. Following his prison term, he was transferred to an immigration center pending the outcome of extradition proceedings – now concluded.
