Montenegro justice minister approves Do Kwon extradition to U.S.
Minister of Justice signed the decision to extradite Do Kwon
Montenegro’s Ministry of Justice has authorized the extradition of South Korean citizen Do Kwon to the United States, where he faces allegations of orchestrating a $40 billion cryptocurrency fraud.
Montenegro's Minister of Justice signed the decision to extradite Do Kwon to the USA, Slobodnaevropa reported.
Do Kwon, the founder of the now-defunct cryptocurrencies Luna and Terra, has been accused of committing serious crimes that led to the catastrophic collapse of these assets, causing significant investor losses globally.
Extradition decision favors U.S. over South Korea
Montenegro’s Justice Minister announced that the decision to extradite Do Kwon to the U.S. was based on multiple factors, including the severity of the alleged criminal acts, the location of the crimes, and the potential for further legal proceedings. Despite a competing extradition request from South Korea, where Do Kwon is also wanted, the majority of the criteria were found to favor the U.S. request. The decision underscores the international cooperation required to address major financial crimes.
Do Kwon and his business associate Jang Jun were arrested on March 23, 2023, at Podgorica Airport while attempting to board a flight to Dubai using fake passports. Their arrest followed months of international manhunts led by multiple law enforcement agencies. The allegations against Do Kwon include the use of fraudulent means to attract investments into Luna and Terra, which suffered a dramatic collapse, erasing billions in market value and affecting thousands of investors.
Implications for global crypto regulations
This case highlights the growing scrutiny on the cryptocurrency industry and the need for stronger regulatory frameworks to protect investors. Experts predict that Do Kwon’s extradition to the U.S. will pave the way for a comprehensive trial that could set a precedent for addressing large-scale crypto fraud.
The extradition of Do Kwon to the United States is likely to face legal challenges from South Korea. Kwon's presence in Montenegro has also become a political issue in the country. The extradition process is expected to be lengthy and complex.
Legal analysts are also watching closely to see how this case influences international cooperation in prosecuting cross-border financial crimes.
In a statement, Montenegro’s Justice Ministry emphasized the importance of adhering to international legal standards and ensuring accountability for those accused of significant financial misconduct.
It was previously reported that Montenegro сourt rejects Do Kwon appeal and opens door for extradition.
