Montenegro’s Justice Minister Bojan Božović said Friday that Terraform founder Do Kwon would be extradited to the United States.
The U.S. and South Korean governments have been seeking custody of Kwon to face criminal charges related to the collapse of the algorithmic stablecoin Terra/Luna system, which triggered a series of high-profile collapses, including FTX’s, in 2022.
Kwon, who was arrested in Montenegro in March 2023 and sentenced to several months in prison for passport forgery, has been fighting extradition to the United States for over a year. Several courts in the country have ruled in favor of the United States or South Korea taking over custody of the one-time cryptocurrency executive.
Bozovic said in a statement Friday that his decision followed India’s Supreme Court ruling that conditions for approving extradition had been met.
The Ministry of Justice said, “Keeping the Supreme Court ruling in mind, we considered all facts and circumstances and made a decision based on the seriousness of the crime, place of execution, order of indictment, citizenship status, etc.” “There are people who have been requested, the possibility of additional extradition to other countries, and other circumstances,” he said.
The U.S. bid met these criteria, the statement said.
Friday’s announcement is the latest in a series of decisions about where Kwon should be sent. The Montenegrin Court of Appeals ruled in August this year that Kwon must go to Korea.
Legal challenges to Terra continue in the United States. Last week, the Securities and Exchange Commission settled charges with Jump Crypto subsidiary Tai Mo Shan, alleging that Tai Mo Shan sold LUNA as securities. The company will pay $123 million as part of the settlement.
Editor’s note: The Montenegrin government’s statement has been translated into English.