Montenegro to extradite "crypto king" Do Kwon to the US

(Patria) - Montenegro will extradite "crypto king" Do Kwon to the US, announced the Minister of Justice Bojan Božović yesterday.

After a lengthy legal battle, extradition requests arrived from Kwon's home country, South Korea, and the US.

Prosecutors from both countries accuse him of fraud, and Kwon was arrested in Montenegro in March 2023.

The Supreme Court of Montenegro recently ruled that both extradition requests were legally valid, leaving it to the Minister of Justice to choose which of these countries Kwon would be extradited to.

Kwon created the cryptocurrencies Terra and Luna in Singapore. However, the Terra-Luna system spectacularly collapsed in May last year, leaving investors empty-handed.

This caused losses of 40 billion dollars. Kwon then disappeared, and Interpol issued an international arrest warrant for him in September of the same year.

Kwon and his business partner Hon Chand Yun were arrested in Podgorica in March 2023 while trying to fly to Dubai with forged Costa Rican passports.

They were convicted in Montenegro to several months in prison for document forgery, and then transferred to custody pending a decision on extradition.

Kwon's business partner was extradited to South Korea earlier this year, Montenegrin media report.