Montenegro Agrees to Extradition of ‘Crypto King’ Do Kwon

Montenegro's Justice Ministry has approved the extradition of Do Kwon, founder of Terraform Labs, to the United States. Kwon, wanted for financial crimes following a cryptocurrency collapse, faces charges in New York. His extradition has been the subject of a lengthy legal process.

Montenegro's Justice Ministry has greenlit the extradition of Do Kwon, the South Korean mastermind dubbed the 'cryptocurrency king', to the United States. Justice Minister Bojan Bozovic made the decision, marking a crucial development in the international legal saga surrounding the founder of Terraform Labs.

Kwon has faced extradition requests from both South Korea and the US since his arrest in Montenegro last year. The Supreme Court of Montenegro recently ruled that conditions for his extradition have been met, with the justice minister making the ultimate call in favor of the US. Despite the ruling, Kwon's defense team claims the decision was reached under questionable circumstances.

Prosecutors in New York have charged Kwon with fraud related to a USD 40 billion crash that severely affected investors globally. Detained alongside another South Korean for attempting to flee Montenegro on fake passports, Kwon is wanted for fraud and financial misconduct linked to the implosion of Terraform Labs' digital currencies.

(With inputs from agencies.)