Terraform Labs founder Do Kwon (權道亨) is the developer behind the blockchain Terra (LUNA). In May 2022, the collapse of the stablecoin UST caused turmoil in the cryptocurrency market, resulting in significant losses for both businesses and investors. He was on the run for ten months and was eventually arrested at the end of March in Crna Gora, Montenegro.

Extradition Applied on Both Sides

Do Kwon is a South Korean citizen who, for using a fake passport, was sentenced to four months of imprisonment in Montenegro. Now that the imprisonment period has ended, both the United States and South Korea have requested extradition to bring him to trial on charges of fraud and violation of securities law.

The Montenegrin court approved Kwon's extradition last month, but it is up to Minister of Justice Andrej Milovic to decide whether to send him to the United States or South Korea. Milovic has not yet announced his decision.

According to The Wall Street Journal's report, Milovic is unlikely to announce this decision before the country's court makes a final ruling on Kwon's appeal against the court's decision.

The Exclusive

The Wall Street Journal cited sources familiar with the matter, stating that the top judicial official in Montenegro plans to send Do Kwon to the United States instead of South Korea for a criminal trial.