Montenegro to finalize Do Kwon’s extradition by Oct. 20

Do Kwon’s extradition chapter may be finalized as soon as Sunday, Oct. 19, according to local Montenegrin media.

The government of Montenegro has reportedly decided where to extradite Terraform Labs co-founder and crypto fugitive Do Kwon, Minister of Justice Bojan Božović told press members on Oct. 17.

Božović suggested that documents for Kwon’s extradition would be signed by the weekend. While Kwon’s removal from Montenegro appears to be sealed, his destination remains unknown.

Do Kwon was once a prominent figure in the crypto industry, having launched the widely popular blockchain network Terra. Its two tokens, TerraLuna and TerraUSD, were the focus of multi-million dollar bets placed by renowned traders, including GCR.

Everything unraveled in May 2022, just months after the crypto market peaked in late 2021. Terra and its twin cryptocurrencies collapsed, leaving retail and institutional investors with losses totaling $60 billion.

Kwon fled authorities as the crypto industry faltered due to multiple bankruptcies in the wake of Terra’s collapse. Businesses like Three Arrows Capital and FTX buckled under the weight of a massive liquidity crunch as Kwon escaped in Europe.

After an Interpol red notice and increased global scrutiny, Kwon was apprehended in Montenegro’s capital city, Podgorica. The former Terra CEO was arrested with forged travel documents while attempting to board a private flight to the United Arab Emirates.

Kwon, who was likely hiding in Serbia before attempting to cross into the Middle East, was found guilty of forgery and jailed for some six months.

An extradition wrestling match ensued between the U.S. and Kwon’s home country, South Korea. Each party won extradition rights at least once in court before another judicial house overturned previous decisions.

Kwon was eventually released from prison and placed under supervision pending a formal decision from the Ministry of Justice. Meanwhile, his company agreed to a record $4.47 billion settlement with the Securities and Exchange Commission. Terra also agreed to dissolve its business and liquidate assets.