The Montenegrin Ministry of Justice has confirmed that Do Kwon will be extradited to the United States.

Do Kwon, the founder of Terraform Labs, who was arrested in Montenegro 3 years ago, is finally going to be extradited to the United States after 21 months.

In May 2022, Do Kwon caused waves in the cryptocurrency market when his stablecoin TerraUSD (UST) collapsed, resulting in billions of dollars in losses for global investors. South Korea, the United States, and Interpol actively pursued his whereabouts. In March 2023, Do Kwon was apprehended in Montenegro, a small country in the Balkans, ending his ten-month-long fugitive status.

(Do Kwon's ten-month escape record, compiled later than SBF's arrest, is a legend in the cryptocurrency circle Do Kwon)

Do Kwon was arrested in Montenegro for using a fake identity. The High Court of Montenegro ruled in February this year for the first time to extradite Kwon to the United States. However, there were months of appeals, delays, and inconsistent rulings afterwards. During this period, Kwon's lawyer applied to have him extradited back to his home country, South Korea, where the maximum sentence for financial criminals is usually 30 to 40 years. On the other hand, the principle followed by the United States is that the court can sentence the defendant to consecutive sentences for each crime for which he is found guilty.

After 21 months in Montenegro, the Montenegrin Ministry of Justice finally announced last Friday (12/27) that the Minister of Justice, Bojan Božović, has signed the order to extradite Do Kwon to the United States.

And according to the "Final Consent Judgment Proposal" submitted by the U.S. Securities and Exchange Commission (SEC) in mid-June, the SEC requested that Judge Jed Rakoff of the U.S. District Court for the Southern District of New York approve the plan, which includes Terraform paying $3.58 billion in illegal profits, $420 million in civil penalties, and prohibits Do Kwon from serving as an executive or director of any public company. Do Kwon must personally pay at least $204,320,196 to be distributed to the affected investors.

This article was confirmed by the Ministry of Justice of Montenegro, and Do Kwon will be extradited to the United States. It first appeared on ChainNews ABMedia.