Do Kwon, a co-founder of Terraform Labs, will be taken into extradition custody in Montenegro for up to six months.
The U.S. Has also Requested Do Kwon Extradition on Various Charges
Do Kwon, a co-founder of Terraform Labs, will be taken into extradition custody in Montenegro for up to six months. The court will decide whether to extradite him to South Korea, where he is wanted for his involvement in a massive crypto fraud case. The U.S. has also requested his extradition on various charges, including securities fraud and market manipulation.
Kwon and his former CFO, Han Chong-joon, were arrested in March at the Podgorica airport when they tried to fly to Dubai with fake travel documents. They had been living in Serbia after the Terra ecosystem collapsed in May 2022, causing losses of up to $40 billion. They are scheduled to face trial in Montenegro on June 16 for falsifying documents.
Kwon is also under investigation by the Special State Prosecutor's Office for his alleged connections to a local politician, Milojko Spajić. Kwon claimed to have contacted Spajić, the leader of the Europe Now party, in a letter he sent to several officials before the recent elections in Montenegro. Spajić denied any ties to Kwon, but their possible relationship and financial transactions were widely reported by the media.
