Terra Founder Do Kwon Will Now be Extradited to South Korea

Joshua Ramos
Source: BBC

Following a change in the court, Terraform Labs co-founder Do Kwon will be extradited to South Korea. Indeed, a Montenegro court ruled on Thursday that Do Kwon will no longer be extradited to the United States as previously thought. Local media states that the decision was reversed from one made on February 21st.

The development of where Do Kwon could be extradited has been ongoing. The former CEO won two prior appeals regarding the process. The decision in February was to extradite him to the United States. However, that now appears to have changed, based on the most recent reports from Montenegro.

Source: Los Angeles Times

Also Read: Terra Founder Do Kwon to be Extradited to the US

Do Kwon United States Extradition Reversed

For much of the last several years, Do Kwon has been an infamous name within the digital asset industry. The fall of Terraform Labs’ TerraUSD stablecoin exposed him as one of the world’s most well-known financial criminals. Moreover, his arrest in late March was perceived to be the start of bringing the former CEO to justice.

Yet, what followed was uncertainty as to his fate. Now, the latest development has revealed that Terra co-founder Do Kwon is set to be extradited to South Korea. The decision is a reversal of a previous ruling that would have seen Do Kwon extradited to the United States.

Do Kwon Receives 4-Month Jail Sentence in Montenegro
Source: The Star

Also Read: Do Kwon Wins Second Appeal Against Montenegro Extradition

On Thursday, Montenegrin courts ruled that he would be headed to his native country. The decision arrived after Do Kwon filed an appeal against the extradition to the United States. Citing issues with the legal proceedings, he emerged victorious. Yet, South Korea had enlisted the aid of Interpol to bring Kwon to South Korea from Montenegro.

The Terraform Labs CEO had been arrested in Montenegro while attempting to flee the country. Specifically, he was apprehended when he was found with falsified documents amid an attempted departure. He is currently facing a plethora of fraud charges in both the United States and South Korea. In May 2022, the TerraUSD stablecoin crashed and lost a remarkable $45 billion in total market cap.