Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
Terraform Labs co-founder and fraudster Do Kwon is once again set to be extradited from Montenegro to his native South Korea, after a ruling from the Balkan nation’s court of appeals Thursday.
The Appellate Court of Montenegro issued a ruling confirming an earlier decision from a lower court, the High Court of Podgorica, to send Kwon to South Korea instead of the U.S., which is also seeking his extradition. Both countries want to try Kwon for criminal charges tied to the $40 billion implosion of the Terra/LUNA ecosystem in May 2022. Terra was the first proverbial domino to fall in a sequence of high-profile crypto company collapses that year including FTX, the second-biggest crypto exchange in the world.for Kwon. Six months later, in March 2023, he was arrested and subsequently jailed in Montenegro for attempting to use a fake Costa Rican passport to fly to Dubai.
Thursday’s decision is expected to put an end to months of back-and-forth over whether Kwon should be extradited to South Korea, which submitted its extradition request first, or the U.S. Kwon successfully fought against earlier rulings to extradite him to the U.S.
A truly final decision on where Kwon will be extradited can only be made by Montenegro’s minister of justice, according to the Office of the Supreme State Prosecutor. Montenegro's Prime Minister, Milojko Spajic, is a personal investor in Terraform Labs,in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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