Green Asia

Montenegro court approves extradition of ‘cryptocurrency king’ Do Kwon

The decision will be made after Do Kwon completes serving his prison sentence for document forgery, the court said.

Do Kwon´s lawyer in Podgorica was not immediately available to comment.

A South Korean national, Kwon is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets.

He was detained in late March along with Han Chang-joon, Terraform Labs’ former finance officer, as they tried to board a flight to Dubai from Podgorica.

Following Kwon’s arrest, the US District Court in Manhattan made public an eight-count indictment against him for securities fraud, wire fraud, commodities fraud and conspiracy.

In late May, a Montenegrin court scrapped a bail of €800,000 (US$873,108) for the pair, saying it could not be taken as a solid guarantee, nor their promise they would not run away once released from detention.

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