Do Kwon’s extradition to US to be retried in Montenegro

Do Kwon faces extradition requests from both the US and South Korea


Terra and Neeqolah/Shutterstock modified by Blockworks


Former Terraform CEO Do Kwon’s extradition is still pending after a court in Montenegro granted his appeal.

A Montenegro High Court previously ruled that the extradition prerequisites had been met, initially paving the way for Kwon to be extradited. Reports even circulated that Montenegro was leaning toward a US extradition before the appellate court heard Kwon’s appeal.

However, lawyers representing Kwon have now successfully asserted that the High Court failed to hear Kwon’s response to the US request for extradition. 

“The investigating judge heard the defendant on the request of the Republic of South Korea, who agreed to be extradited by summary procedure in relation to this request, while he did not hear the defendant in relation to the request for extradition to the USA, which was delivered to that court before its hearing,” the appellate court found

Read more: Where things stand: The SEC vs Do Kwon and Terraform Labs

Because the judge failed to inform Kwon on the US request for extradition, the ruling was revoked, as the court “acted contrary” to the law. 

The case now goes back to the High Court for both a retrial and a decision. It’s unclear how long the process will take. 

However, a court in Podgorica extended Kwon’s custody in Montenegro until February after the US and South Korea asked for Montenegro to extend the extradition detention. 

In early December, the Wall Street Journal reported that Montenegro planned to extradite Kwon to the US over South Korea. With the retrial pending, it’s uncertain if officials will still lean towards the US.

Both the US and South Korea have pending charges against Kwon. The US Securities and Exchange Commission has an open case against both Terraform Labs and Kwon, alleging that the two violated securities laws. The collapse of algorithmic stablecoin TerraUSD (UST) led to a huge crypto crash, the ripple effects saw some crypto lenders — including Voyager and Celsius — filing for bankruptcy.

In South Korea, Kwon faces capital markets violations and fraud charges. 

The extradition was previously postponed after a court in Montenegro found Kwon guilty of falsifying travel documents. In June, he was sentenced to four months in prison after his arrest in March.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit