Do Kwon’s Extradition Escalates as US and South Korea Compete

South Korea has expressed readiness to take necessary steps in conjunction with Montenegrin authorities to secure Kwon’s extradition.

A rubber Do Kwon being pulled in many directions.
Created by Gabor Kovacs from DailyCoin
  • The United States is set to challenge the approval of Do Kwon’s extradition to South Korea.
  • Do Kwon faces charges in both countries.
  • The Terraform Labs founder recently won an appeal overturning his extradition approval.

The year-long legal pursuit of Do Kwon for the 2022 Terra Luna collapse has evolved into a duel between the United States and South Korea, as both seek to secure his extradition from Montenegro, where he is currently incarcerated for travel document forgery.

Do Kwon, on the other hand, has resorted to a game of cat and mouse, deploying tricky tactics to thwart both countries’ efforts and extend his stay in Montenegro, dodging regulatory pressure.

However, the ongoing tussle has escalated, following the Montenegro High Court’s ruling to hand over the former cryptocurrency mogul to South Korea, a move displeasing to the United States.

Do Kwon Extradition: The U.S Not Letting Go

According to a March 8 Bloomberg report, the United States will continue in its pursuit of the extradition of Do Kwon.


In a statement issued Thursday, the U.S. Justice Department affirmed its commitment to seeking Kwon’s extradition under relevant international and bilateral agreements with Montenegro, to ensure the administration of justice.

“The United States appreciates the cooperation of the Montenegrin authorities in ensuring that all individuals are subject to the rule of law,” Bloomberg reported.

The report added that while South Korean authorities have not been officially notified of the extradition approval, they are prepared to take the necessary steps in conjunction with the Montenegrin government to secure Kwon.


Regardless, the approval constitutes a win for the disgraced crypto mogul, whose legal team has expressed preference to be repatriated to South Korea, fighting tooth and nail to evade the United States.

Do Kwon Fights Extradition

Over the past few months, Do Kwon has employed various tactics to evade the United States’ attempts to secure his extradition.

In November 2023, the High Court of Podgorica officially approved what would be the first of many extradition requests by the United States, granting Kwon’s exit. However, Kwon filed an appeal to counter the win, scoring a victory with the Appellate Court which overturned the approval.

Kwon’s win was however temporary, as the United States, relentless in its pursuit of justice, obtained another approval for his extradition in December 2023. In response, Do Kwon filed a second countering appeal with the Appellate Court, which once again revoked the High Court’s decision, citing flaws in the judicial proceedings.

The most recent was Do Kwon’s appeal victory on March 5, which overturned the US’ victory to extradite the former CEO ahead of his trial with the SEC, prolonging the lengthy tussle that was thought to have come to an end.

If extradited to the United States, Kwon faces numerous charges of fraud and a potential 40-year sentence behind bars.

On the Flipside

  • The Singaporean government also initiated legal proceedings against Do Kwon.
  • The Montenegro Appellate Court confirmed that the US issued their extradition request a day earlier than South Korean officials, and this could influence the decision regarding his extradition.
  • The local South Korean Terra community is advocating against Do Kwon ‘s extradition to South Korea, contending that he will likely be acquitted or receive a lighter sentence.

Why This Matters

The intensifying efforts by both the United States and South Korean governments underscore the severity of the charges Kwon faces in both countries. However, regardless of his destination, Kwon is fated to face justice for the 2022 financial implosion, which resulted in investors losing a staggering $40 billion.

Read here to find out more about the impact of Do Kwon’s hide and seek on LUNA and LUNA:

What Does Kwon’s Annulled Extradition Imply for LUNC & LUNA?

Nigeria is reviewing its regulatory standards following a lengthy tussle with crypto exchanges. Read more:

How Nigeria Is Reforming Crypto Regulations Post-Naira Saga

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.