Do Kwon, the disgraced South Korean cryptocurrency entrepreneur, has suffered another legal setback in his fight against extradition. Montenegro’s Constitutional Court today unanimously rejected Kwon’s appeal of a prior extradition verdict, paving the way for his transfer to either the United States or South Korea to face charges related to the spectacular collapse of his Terraform Labs cryptocurrency empire.
According to local newspaper Vijesti, the court dismissed Kwon’s appeal citing legal deficiencies. The final decision on where Kwon will be extradited now rests with Montenegro’s Justice Minister. Observers believe extradition to the United States is the more likely outcome, based on the ministry’s previous statements on the case.
Kwon, the co-founder of Terraform Labs, is wanted in both South Korea and the US following the implosion of the company’s TerraUSD and Luna cryptocurrencies in May 2022. The collapse wiped out an estimated $40 billion in market value, devastating investors worldwide. He faces a range of charges in both countries, including fraud and securities law violations.
Kwon was apprehended in Montenegro in March 2023 while attempting to travel on a forged passport.
