Montenegro Approves Extradition of Terraform Labs' Do Kwon to U.S.

Montenegro's Justice Minister has approved the extradition of Terraform Labs co-founder Do Kwon to the U.S. He is also sought by South Korea. Kwon, linked to the collapse of stablecoin TerraUSD, was detained in March 2023. Legal conditions supported the U.S. extradition request.

Montenegrin Justice Minister Bojan Bozovic has greenlit the extradition of Do Kwon, co-founder of Terraform Labs, to the United States, with South Korea also showing interest in legal proceedings. The Ministry made this announcement Friday.

Do Kwon, a South Korean, previously served as CEO of Terraform Labs, the company behind the now-defunct stablecoin TerraUSD. The cryptocurrency's collapse in May 2022 significantly impacted markets. Kwon was detained while attempting to exit Montenegro in March 2023.

Based on the Supreme Court's ruling, which affirmed all legal preconditions for extradition were satisfied, the Justice Ministry found that the U.S. request for extradition held greater legal weight. Consequently, Bozovic signed off on the extradition decree to the United States.

(With inputs from agencies.)