Montenegrin Justice Minister Bojan Božović has signed the decision to extradite controversial cryptocurrency entrepreneur Do Kwon to the United States, a decision confirmed by local media outlet Vijesti.
Montenegro’s Supreme Court had previously found that the legal conditions for Kwon’s extradition were met, following requests from both South Korea and the US. However, the Justice Ministry concluded that the US request should take precedence after considering various criteria, including the seriousness of the alleged crimes, the order of the extradition requests and the defendant’s citizenship.
“Considering all the facts and circumstances, including the gravity of the crimes and the possibility of extradition to another country, Minister Božović decided to approve the extradition of Kwon Do Hyeong to the United States, while rejecting the request from the Republic of Korea,” the Justice Ministry said in a statement.
Do Kwon, founder of the collapsed cryptocurrencies TerraUSD and LUNA, is at the center of one of the biggest financial scandals in crypto history. The collapse of these digital assets in May 2022 wiped $40 billion off the market and triggered a domino effect that led to the bankruptcy of several crypto firms. US authorities allege that Kwon misled investors and concealed assets during the collapse. The disaster left investors around the world facing devastating financial losses.
Kwon and his business partner Han Cheng Jun were caught at Podgorica Airport in Montenegro on March 23, 2023. The pair were accused of using fake passports while trying to board a flight to Dubai. Kwon was later sentenced to four months in prison in Montenegro for forgery.
Following his release from prison in March 2024, Kwon was taken to the Foreigners' Reception Center in Montenegro and detained there pending an extradition decision. Both the United States and South Korea had requested Kwon's extradition, but Montenegro ultimately prioritized the U.S. request based on legal and circumstantial considerations.
*This is not investment advice.
