Montenegro Extradites “Crypto King” Do Kwon to the U.S

On Tuesday, Montenegro (Montenegro) extradited South Korean cryptocurrency founder Do Kwon, known as the “King of Cryptocurrencies,” to the United States. This follows the decision made by the U.S. Department of Justice earlier this month to accept the American extradition request, while rejecting South Korea’s request, according to authorities in the Balkan country.

The police said that officers from the National Central Bureau of Interpol in Montenegro handed Do Kwon, the founder of the Singapore-based cryptocurrency company Terraform Labs, over to the Federal Bureau of Investigation (FBI) officers at the border crossing at Podgorica Airport.

A police statement, reported by the Associated Press, said: “Today, December 31, 2024, Do Kwon was handed over to the competent law enforcement authorities in the United States and FBI officers.”

It is noted that after a lengthy legal battle, both South Korea, Kwon’s home country, and the United States had submitted extradition requests for Kwon.

Prosecutors in both countries accuse Kwon of fraud, among other charges. Kwon was arrested in Montenegro in March 2023.

Recently, the Supreme Court of Montenegro ruled that both extradition requests were legally valid, leaving the justice minister with the task of choosing between the two requesting countries.

Kwon created the cryptocurrencies “Terra” and “Luna” in Singapore. However, the system for these cryptocurrencies collapsed dramatically in May of the previous year, leaving investors “empty-handed.”

The bankruptcy is said to have caused losses of up to $40 billion.

Kwon then went into hiding. Interpol issued an international arrest warrant for him in September.

In March 2023, Kwon and his business partner Han Chang-Yoon were arrested in Podgorica while attempting to travel to Dubai using forged Costa Rican passports.

They were sentenced to several months in prison in Montenegro for document forgery and later held pending extradition.