cryptojournalist
Do Kwon, co-founder of Terraform Labs, has been extradited to the US after a long legal fight. He was arrested in Montenegro in 2023 for using fake travel documents, sparking debates over whether he should face charges in the US or South Korea.
Montenegro Chooses the US
Montenegro’s Prime Minister Milojko Spajić announced on Dec. 31 that Kwon was handed over to US authorities. The decision came days after the Justice Minister approved extradition to the US, rejecting South Korea’s request. Spajić said this move shows Montenegro’s tough stance on fraud.
The Terra Collapse
Kwon is accused of causing the 2022 Terra ecosystem crash, which sent shockwaves through the crypto market. Both the US and South Korea charged him with fraud, but he stayed off the radar until his arrest in Montenegro.
Delayed Extradition
Kwon spent over a year in Montenegro as courts debated his extradition. His legal team filed multiple appeals, delaying the process.
Fraud Charges in the US
In April, the SEC fined Kwon and Terraform Labs $4.5 billion for fraud. Separately, the US Justice Department charged him with eight crimes, including wire fraud and market manipulation, in March 2023. It’s unclear when he’ll face trial in the US.
