The Montenegro Court Decided On The Extradition Of Terra Founder Kwon.

The extradition destination for the founder of Terra remains uncertain.

The High Court of Montenegro has approved the extradition of Do Kwon, wanted for fraud charges in South Korea and the United States. The final decision on which country Kwon will be extradited to will be made by the country's justice minister.

Justice Minister Andrej Milovic, in an interview with TV Vijesti, refused to disclose the planned destination for Kwon's extradition but hinted at a potential arrangement with the United States. Milovic stated in the interview, 'The U.S. is our key foreign policy partner. We want to sign a bilateral agreement for the extradition of criminals as soon as possible to have a legal framework for future extraditions.'

Kwon, co-founder of Terraform Labs, and the company's former CFO Han Chang-joon were captured in the capital of Montenegro, Podgorica, in March after months of fleeing. The duo was about to board a private jet to Dubai. Kwon and Chang-joon were sentenced to four months in prison for using fake passports. U.S. prosecutors accused Kwon of fraud following the collapse of the algorithmic stablecoin UST in May 2022, wiping out $40 billion in assets overnight. Kwon faces similar charges in South Korea.

The significant collapse of UST and LUNA led to a deep crisis in the cryptocurrency markets, contributing to the bankruptcy of hedge funds like Three Arrows Capital in the Terra ecosystem.