Montenegro's Justice Minister Bojan Božović confirmed that a decision had been reached regarding the extradition of Do Kwon, the co-founder of Terraform Labs.
According to local media reports on Oct. 17, the extradition process will be signed by the end of this week. The decision comes after a lengthy legal process that has been mired in controversy and spanned several months.
Božović refrained from providing additional comments on the specifics of the case and did not disclose where Kwon would be extradited.
He said:
“As the Minister of Justice, I have no further comments beyond what the Supreme Court has established.”
Kwon's legal troubles in Montenegro first began when he and Terraform CFO Han Chang-joon were arrested at Podgorica airport in March 2023 for attempting to use forged documents.
The two were sentenced to jail terms in Montenegro but remained at the center of international extradition requests as they fought charges abroad for their role in the collapse of TerraLUNA in 2022, which caused more than $40 billion in losses.
Chang-Joon was extradited to South Korea earlier in 2024 after completing his sentence.
Montenegro's decision on Kwon's extradition is expected to bring clarity to a case that has been mired in delays and appeals. South Korean authorities are likely to expedite his return, with no further avenues for appeal within Montenegro following the Appellate Court's final ruling in August 2024.
If extradited to South Korea, Kwon will face an intense legal battle, as several other Terraform executives have already been indicted, but the country is seen as relatively lenient in terms of penalties for financial crimes.
Meanwhile, the US has pushed for Kwon's prosecution on more severe charges, including securities fraud, which means he could face a lengthy prison sentence if prosecuted in American courts.
