Terra’s Do Kwon to be Extradited to South Korea

Published: Mar 7, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

Do Kwon, the embattled co-founder of the failed crypto project Terraform Labs, will likely be extradited to South Korea. This is following the completion of a four-month sentence in Montenegro for falsified document charges.

The revelation is according to the statement of Kwon’s attorney after a Montenegro high court ruling on Thursday.

Key details:

  • Kwon faces charges in South Korea regarding Terra’s catastrophic collapse in 2022 amid alleged fraud.
  • Kwon was arrested last year in Montenegro for carrying falsified passports while attempting further travel.
  • Terra founder will remain jailed in Montenegro until March 23rd, already serving sentence for documentation offenses.

Read more: Nigeria Seeks To Block Criminals From Capital Markets Via New Crypto Rules

Kwon’s attorney, Goran Rodic, informed CoinDesk via email that his client would serve out his current Montenegro sentence and then could be sent to South Korea per the high court’s latest decision. Both South Korea and the United States had requested custody of Kwon.

Do Kwon went into hiding after Terra collapse

The saga stems from Kwon’s role in founding Terraform Labs. It is the company behind the Terra ecosystem and LUNA that imploded in May 2022, costing investors upwards of $40 billion seemingly overnight.

This led to fraud charges being filed against Kwon in South Korea as prosecutors investigated whether the entire enterprise was a long-running scam.

Kwon went into hiding immediately after Terra’s collapse, communicating only via blog posts for months. He resurfaced, attempting overseas travel on falsified Israeli passports, before being apprehended in Montenegro alongside another former Terra executive.

Read more: Bitcoin Fever Grips South Korea As “Kimchi Premium” Soars

Thursday’s ruling now clears the way for Kwon, where he could be sent back to his native South Korea after March 23rd. He had fought extradition through multiple previous court judgment appeals.

Kwon will face a criminal trial and potential jail time in South Korea regarding Terra’s implosion should he be found guilty of charges tied to the alleged investor fraud.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.