Montenegro Extradition of Terraform Labs Founder Do Kwon to the United States

Montenegro has finalized the extradition of Terraform Labs founder Do Kwon to the United States, Montenegro Prime Minister Milojko Spajic has said.

Montenegro has extradited Terraform Labs founder Do Kwon to the United States, where he will face charges related to the 2022 collapse of TerraUSD and Luna, Montenegro Prime Minister Milojko Spajic has announced.

The extradition was finalized on Thursday, just days after Montenegro’s Justice Minister Bojan Božović signed the extradition order.

Do Kwon’s extradition comes after the country’s Constitutional Court rejected his appeal against the extradition.

“Today Montenegro completed the extradition of Do Kwon to the United States to face charges in the Terra/Luna case,” Spajic said in a statement.

“Our nation welcomes innovation and legitimate crypto, AI and other tech entrepreneurs – but we have zero tolerance for fraud. This extradition demonstrates our unwavering commitment to international justice and the rule of law!”

Kwon was arrested by Montenegrin police in 2023 while he was on the run following the 2022 collapse of TerraUSD and Luna.

The collapse saw over $40 billion worth of value wiped out, heralding contagion that hit multiple other crypto projects and saw millions of users lose money.

After failing to ward off the extradition, Kwon will now face charges of fraud and others in the US.

In April 2024, Terraform and Kwon agreed to a $4.5 billion settlement with the Securities and Exchange Commission.