- Do Kwon is serving 4 months in jail for document forgery.
- Three countries have competed for Do Kwon’s extradition.
- Today, Montenegro’s top justice servant makes a decision.
The infamous crypto mogul Do Kwon is one step away from facing extradition, according to the latest statement by Montenegro’s Justice Minister, Andrej Milovic. While a Montenegro High Court had already approved Do Kwon’s extradition last month, the legal entities are facing a dilemma of where the fallen tycoon should be sent.
The United States had previously requested Do Kwon’s physical presence. An official call to participate in a depository meeting was sent to Kwon in September 2023. It was quickly rejected by TerraForm Labs’ defense team, citing the controversial entrepreneur’s capture in Montenegro.
Meanwhile, Do Kwon’s native South Korea also insisted on returning the crypto fugitive to his home soil. South Korean authorities have been chasing Do Kwon since the entrepreneur disappeared in May 2022 and even have a special task force dealing with Terra Luna’s stablecoin de-pegging.
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As Do Kwon still serves time in Montenegro for document forgery, the defense argues there’s “no scheduled release or extradition date.” However, according to the latest developments behind closed doors, Minister Milovic might have already decided.
Do Kwon’s Extradition Pursuit Revealed
According to an article in the Wall Street Journal, Montenegro’s High Court approved the extradition last month.
South Korea and the United States were among the top extradition choices, though Singapore validated its TerraForm Labs lawsuit on December 1, 2023, adding a third contender to this list. In response, Do Kwon’s lawyers mounted a last-ditch appeal to stall the extradition.
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While Milovic has to wait for the country’s courts to finalize the decision on the appeal, the minister disclosed that he had decided to send Do Kwon to the United States, where he is likely to be prosecuted criminally by the U.S. Securities and Exchange Commission.
On the Flipside
- The Montenegrin Justice Minister Andrej Milovic asserted that the decision hasn’t been made public yet – it will be done in “a timely manner.”
Why This Matters
The Terra Luna fiasco in May 2022 wiped out $40 billion of the chain’s native UST and LUNA, while the collateral damage to the crypto industry had been estimated at two trillion.
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