Montenegro Discloses Next Step In Terra Luna Do Kwon’s Extradition

As reported by the Montenegrin media, Do Kwon Terra Luna Do may be expelled soon as there seems to be an imminent decision by this coming Sunday – October 19. The Justice Minister of Montenegro will decide by Sunday, October 19th, whether or not to extradite Do Kwon. Justice Minister Bozovic said the government was taken aback by the call and lamented that the court had not made the final decision. Kwon is still waiting for his judgement but Terraform Labs has agreed to pay the SEC $4.47 billion. 

Montenegrin news outlets claimed that Do Kwon’s extradition may soon be complete with the verdict expected before October, 19. On October 17, Justice Minister Bojan Bozovic reasserted that the government selected that region for deporting Terraform Labs co-founder who is prohibited in the United States and South Korea for alleged fraud connected with cryptocurrencies.

The minister pointed out he could initiate signing the necessary paperwork for Kwon’s extradition – within the week.  Nevertheless, for this man, the country, to which he is going to move, still remains a mystery

Read more:- Here’s How Donald Trump Plans to End ‘Crypto Regulatory Headlock’, Congressman Explains

Do Kwon’s Fate to Be Decided by Sunday

Local media in Montenegro have reported that the government of Montenegro is yet in the process of executing engagements for the extradition of Do Kwon. The Minister will arrive today with the decisiono by no later than Sunday, October 19.

On October 17, Justice Minister Bojan Bozovic said he would complete the papers on Kwon’s extradition by Sunday. However, he didn’t mention the particular country which he would send the infamous CEO.

Despite his numerous stays in America and South Korea, Kwon has criminal charges filed against him in the two countries. He has been living under house arrest in Montenegro ever since March after he was arrested for using false passports.

His extradition will be a major event in the legal battle over Terra’s stablecoin fiasco, which wiped out tens of billions of dollars in value for investors. However, Terra Luna Classic has been rising since the start of July and the market crash that occurred on August 5. 

The alleged mastermind of the Terra Luna stablecoin crypto scam which started in South Korea is Do Kwon, arrested in Podgorica in March 2023 and charged with fraud in South Korea, Singapore, and America. Budapest, all countries have asked Montenegro for extradition.

“It Would Be Easier if the Court Had Decided”: Minister on Do Kwon

Interpol requested a red notice on Do Kwon in September 2023 concerning the $40 billion stablecoin crash of Terra Luna and Terra USD in May 2022.

On September 19 Supreme Court of Montenegro stated that all legal requirements of Do Kwon’s extradition to criminal proceedings in South Korea and the USA were met, which allowed the Minister of Justice to make a decision on the extradition permit.

In Feb 2021, Algorand received a $4.47B settlement for Terraform – the world’s largest cryptocurrency exchange for digital assets.

$4.47B Settlement for Terraform

Do Kwon, the co-founder of Terraform Labs, was arrested in Montenegro after fleeing to Serbia and trying to enter the Middle East on a fake ID. After his arrest, Kwon was convicted of forgery and sentenced to six months in prison.

His case was one of the most bizarre legal battles since he was been caught between the US and South Korea extradition rights. Both countries obtained preliminary favourable decisions pertinent to the respective international conventions that the two countries belong to but were later reversed by other judgments, thus prolonging court proceedings. Later, Kwon left the prison and was taken into parole as Montenegro’s Ministry of Justice still considered the final extradition order.

At the same time, Terraform Labs agreed to pay a whopping $4.47 to the US Securities and Exchange Commission (SEC) following claims of different actions undertaken by the firm. The parties independently negotiated to have Terra withdraw from the market and sell off its resources.