Montenegro’s Constitutional Court has rejected an appeal by crypto mogul Do Kwon, paving the way for a decision on his extradition to the US or South Korea.
Do Kwon, founder of Terraform Labs, has lost his appeal to Montenegro’s Constitutional Court to reconsider the decision on his extradition, Korea JoongAng Daily has learned. The ruling means Kwon’s case will now be decided by Montenegro’s justice minister, who will decide whether Kwon will be sent to the United States or South Korea for trial.
Kwon is wanted in both countries. He is facing charges in the US in connection with the May 2022 crash of his failed algorithmic stablecoin TerraUSD (USTC) and token Luna (LUNA). He is also facing legal problems in South Korea. Kwon was arrested in Montenegro in March 2023 while trying to board a private flight to the UAE with fake documents.
Do Kwon was a prominent figure in the crypto world and created the Terra blockchain network with the promise of revolutionary algorithmic stablecoins. But in May 2022, just a few months after the crypto market peaked in late 2021, it all came crashing down, resulting in $60 billion in losses for both retail and institutional investors.
As the crypto industry struggled with bankruptcies, Kwon fled the authorities. Companies like Three Arrows Capital and FTX went bankrupt due to a major liquidity crisis while Kwon fled to Europe.
After an Interpol red alert and global attention, Kwon was caught in Montenegro’s capital Podgorica.
Kwon’s company Terraform Labs agreed to a record $4.47 billion settlement with the…
