Montenegro’s Justice Minister, Bojan Božović, has confirmed that a decision has been made regarding the extradition of Do Kwon, the co-founder of Terraform Labs. The process is set to be finalized by the end of the week, according to local media reports on October 17.
This decision comes after a long legal process that has faced controversy and has spanned several months. Božović did not provide further details about the case or disclose the location to which Kwon will be extradited. He stated, “As the Minister of Justice, I have no further comments beyond what the Supreme Court has established.”
Kwon’s legal issues in Montenegro began when he and Terraform CFO Han Chang-joon were arrested at Podgorica airport in March 2023 for using forged documents. They were both sentenced to jail terms in Montenegro and faced international extradition requests as they fought charges related to the collapse of TerraLUNA in 2022, which resulted in over $40 billion in losses. Chang-Joon was extradited to South Korea earlier in 2024 after serving his sentence.
The decision on Kwon’s extradition in Montenegro is expected to bring clarity to a case that has been plagued by delays and appeals. South Korean authorities are likely to expedite his return, as there are no further avenues for appeal within Montenegro following the Appellate Court’s final ruling in August 2024.
If Kwon is extradited to South Korea, he will face a challenging legal battle, as several other Terraform executives have already been indicted. However, South Korea is known for being relatively lenient in terms of penalties for financial crimes. On the other hand, the US is pushing for Kwon’s prosecution on more serious charges, such as securities fraud, which could result in a lengthy prison sentence if he is tried in American courts.
Overall, the final decision on Do Kwon’s extradition from Montenegro is eagerly awaited and will have significant implications for his legal future and the ongoing case involving Terraform Labs.