Montenegro to finalize Do Kwon’s extradition by Oct. 20

According to local Montenegrin media, Do Kwon’s extradition process could be completed on Sunday, October 19.

The Montenegrin government has decided where to extradite Terraform Labs co-founder and crypto fugitive Do Kwon, Justice Minister Bojan Božović told reporters on October 17.

Božović claimed that documents regarding Kwon’s extradition would be signed by the end of the week. Although Kwon’s departure from Montenegro seems final, it is not yet known where he will go.

Do Kwon was once a prominent name in the crypto industry and had launched the widely popular blockchain network Terra. Its two tokens, TerraLuna and TerraUSD, were the focus of multi-million dollar bets placed by renowned traders, including GCR.

Everything was revealed in May 2022, just a few months after the crypto market peaked in late 2021. Terra and its twin cryptocurrencies collapsed, leaving individual and institutional investors facing losses totaling $60 billion.

Kwon evaded authorities after Terra’s collapse as the crypto industry floundered due to multiple bankruptcies. Companies such as Three Arrows Capital and FTX collapsed under the weight of a major liquidity crisis after Kwon fled to Europe.

Following an Interpol red notice and increased global scrutiny, Kwon was arrested in the Montenegrin capital Podgorica. The former Terra CEO was arrested with fake travel documents while trying to board a private plane to the United Arab Emirates.

Kwon, who likely hid in Serbia before trying to cross the Middle East, was convicted of forgery and sentenced to nearly six months in prison.

An extradition wrestling match has begun between the United States and Kwon’s native South Korea. Both parties won at least one extradition in court before another judicial authority overturned the previous rulings.

Kwon was eventually released from prison and placed under surveillance pending official decision by the Department of Justice. Meanwhile, his company reached a record $4.47 billion settlement with the Securities and Exchange Commission. Terra also agreed to dissolve its business and liquidate its assets.