PODGORICA — A Montenegrin appeals court ruled Thursday that South Korean crypto entrepreneur Do Kwon should be extradited to his home country, allowing him to face trial over a massive crypto crash.
According to Yonhap News Agency, the Podgorica High Court's April decision on Kwon's extradition has been finalized. The court stated that the Podgorica court approved the summary extradition of Kwon to South Korea, while rejecting a criminal extradition request from the United States. The ruling is legally binding as neither the prosecution nor the defense appealed the decision.
Kwon, co-founder of the cryptocurrency firm Terraform Labs, is wanted in both South Korea and the U.S. for charges related to the crash of the firm's TerraUSD and Luna coins in May 2022. He was arrested in Montenegro in March last year for traveling on a fake passport. South Korean prosecutors have pursued Kwon's extradition on allegations connected to the crash, which is estimated to have wiped out nearly 50 trillion won (US$37 billion) in market value.