Do Kwon set for extradition to South Korea after Montenegro court rejects appeal

• The Montenegro Appellate Court rejected Do Kwon’s appeal on impending extradition to South Korea.
• Kwon was arrested last year following the collapse of Terra Luna and its stablecoin UST in 2022.

Do Kwon, wanted for prosecution over his role in the implosion that sank Terra, will now be extradited to South Korea.

Montenegro court rejects Kwon’s appeal

Today, the Appellate Court of Montenegro declined Kwon’s appeal that sought orders quashing his extradition to South Korea. The appeals court noted, according to an announcement on March 20, that its decision was final.

He will not go to the United States or stay in Montenegro, where he was arrested in 2023.

Rather, Kwon will now be deported to South Korea where he faces criminal charges in connection to the collapse of Terra LUNA and the algorithmic stablecoin Terra USD (UST).

 The $40 billion implosion resulted in a massive contagion across crypto, with crypto hedge fund Three Arrows Capital. 3AC was a big casualty that meant even more losses for investors across the crypto ecosystem.

Kwon has been in custody in Montenegro since his arrest in May last year. The Montenegro High Court approved his extradition in November, with a decision to deport him to the US reversed last month.

Both the US and South Korea have been eager to have Do Kwon, and Seoul recently seeking the help of Interpol.

Crypto bosses in trouble

With this latest development, the wanted former Terraform Labs CEO will be heading to South Korea. He is among several former crypto bosses to face prosecution over the past two years.  

Sam Bankman-Fried, the former CEO of FTX, was found guilty by a jury in early November. He will be sentenced on March 28, with US prosecutors asking for a 40-50 years prison term.

Former Binance CEO Changpeng Zhao pleaded guilty to charges of anti-money laundering violations last year and is also awaiting sentencing in the US.