Tue Dec 31 14:34:20 UTC 2024: ## Montenegro Extradites Crypto Mogul Do Kwon to US
**Podgorica, Montenegro –** Do Kwon, the South Korean cryptocurrency executive accused of orchestrating a multi-billion dollar fraud linked to the collapse of his company Terraform Labs, has been extradited to the United States. Montenegro’s interior ministry confirmed the handover to US law enforcement officials, including the FBI, on Tuesday.
Kwon, who faces charges of conspiracy to commit fraud in the US, was arrested in Montenegro in March 2023 while attempting to flee to Dubai using a forged Costa Rican passport. His extradition followed a lengthy legal battle, with Montenegro’s Justice Minister approving the request last week after a year and a half of court proceedings and appeals. Kwon’s lawyers have vowed to challenge the decision in Montenegro’s constitutional court and the European Court of Human Rights.
The Terra/Luna cryptocurrency project, once hailed as the “next big thing” and attracting billions in investment, spectacularly imploded in May 2022, wiping out approximately $40 billion in investors’ funds and sending shockwaves through the global crypto market. Experts have described the scheme as a pyramid scheme. Prior to the collapse, Kwon had fled South Korea and spent months evading authorities. In January, Terraform Labs filed for bankruptcy protection in the US.
Both the US and South Korea had sought Kwon’s extradition. Montenegro previously extradited Kwon’s business partner to South Korea in February. Prime Minister Milojko Spajic hailed the extradition as a demonstration of Montenegro’s commitment to international justice and the rule of law. The case highlights the increasing scrutiny of cryptocurrencies by regulators worldwide following a series of high-profile collapses.
First Piper 