United States receives approval for the extradition of Do Kwon from Montenegro.
In a significant turn of events, Terra founder Do Kwon was extradited to the United States on December 31, 2024, marking the culmination of a lengthy legal process in Montenegro.
Throughout 2024, Montenegro's courts postponed and suspended extradition rulings, with the Supreme Court and Constitutional Court intervening to review the legality of extradition orders. However, the Montenegrin justice minister eventually ordered the extradition, and Kwon consented to be extradited to the US rather than South Korea.
Upon arriving in the US, Kwon initially pleaded not guilty to several charges including securities fraud, market manipulation, money laundering, and wire fraud related to the collapse of the Terra ecosystem, which destroyed about $40 billion in investor assets. However, in August 2025, he pleaded guilty to two fraud charges and agreed to forfeit $19 million as part of a plea deal, with sentencing scheduled for December 2025.
The extradition decision was made based on several criteria, including the severity and location of the crime, the order of submission of official documents, and the possibility of further transfer of Kwon to another country. It is not clear from the provided information if there is a possibility of further transfer of Kwon to another country after the US.
Kwon spent four months in a local prison on charges of using forged documents. The location of the immigration center where Kwon is currently being held is not mentioned in the provided information.
This case highlights increasing international cooperation on crypto-related financial crimes and the US government's determination to prosecute high-profile fraud cases even when defendants relocate abroad. The news about Kwon's extradition was reported by local news outlet Vijesti.
It is important to note that the specific charges for which the co-founder of the cryptocurrency pyramid scheme FutureNet was arrested in Montenegro are not specified in the provided information. It is also not clear if the arrest of the FutureNet co-founder is related to the case of Do Kwon or a separate matter.
The Minister of Justice, Bojan Bozovic, made the final decision allowing the extradition of Do Kwon to the US while simultaneously rejecting the request from the Republic of Korea. Authorities in Montenegro evaluated extradition requests from both the US and South Korea.
Kwon has previously challenged Montenegrin authorities' decisions to extradite him to both the US and South Korea on multiple occasions. He is expected to remain in the immigration center until extradition or further developments. On December 25, the court dismissed Kwon's latest appeal to overturn the extradition.
This development in the Terra case underscores the importance of international cooperation in addressing financial crimes and the US government's commitment to pursuing high-profile fraud cases, even when defendants attempt to evade justice by moving abroad. The timeline for Kwon's extradition is not clear from the provided information.
- The extradition of Terra founder Do Kwon to the United States in December 2024 marked a significant milestone in the realm of general-news, particularly crime-and-justice, illustrating international cooperation in addressing crypto-related financial crimes.
- Despite initial legal complications and appeals, the Montenegrin Ministry of Justice, in August 2025, allowed Kwon's extradition to the US for allegations of securities fraud, market manipulation, money laundering, and wire fraud, signifying a resolute approach towards high-profile fraud cases in the political landscape.
