United States Secures Extradition of Do Kwon from Montenegro
Montenegro Extradites Do Kwon in Major Cryptocurrency Fraud Case
Montenegro made headlines in the world of cryptocurrency in 2023 when it extradited Do Kwon, the founder of Terraform Labs, to the United States to face charges related to the collapse of Terra's stablecoin, TerraUSD.
The arrest of Kwon in Podgorica, Montenegro on March 23, 2023, marked the beginning of a notable legal saga. Kwon was found traveling on a false passport while a fugitive from fraud charges[1][4]. He remained in Montenegro for nearly two years, effectively detained during this period[2].
The extradition process was set in motion on December 31, 2024, and was completed at Podgorica Airport. Kwon was handed over to competent US law enforcement authorities and FBI agents[1][4]. The Justice Minister of Montenegro, Bojan Božović, had approved the transfer of Kwon to US authorities on December 27[5].
The Prime Minister of Montenegro, Milojko Spajić, confirmed the extradition, stating that it underscores Montenegro's unwavering commitment to international justice and the rule of law[6]. The Prime Minister's statement was a clear demonstration of Montenegro's stance against fraud and its commitment to upholding the law, even in the realm of cryptocurrency[7].
It is important to note that Montenegro welcomes innovation and law-abiding entrepreneurs in the fields of cryptocurrency, AI, and other technologies[7]. This case serves as a reminder that while Montenegro supports innovation, it does not tolerate fraudulent activities.
As of late December 2024, another significant case involving the founder of HEX, PulseChain, and PulseX projects, Richard Heart, was added to the international wanted list for tax evasion and assault charges[8]. This case, however, is not directly linked to Montenegro.
In summary, the Do Kwon Terra fraud case is the main major cryptocurrency fraud case linked to Montenegro between 2023 and 2024. The case began with Kwon's arrest in Podgorica in early 2023, continued with his detention there for nearly two years, and concluded with his extradition to the U.S. for prosecution and guilty plea in 2025[1][2][4].
[1] CoinDesk (2023). Do Kwon Arrested in Montenegro Over TerraUSD Collapse. [Online] Available at: https://www.coindesk.com/business/2023/03/23/do-kwon-arrested-in-montenegro-over-terrausd-collapse/
[2] Reuters (2024). Do Kwon Held in Montenegro Since March 2023. [Online] Available at: https://www.reuters.com/technology/do-kwon-held-montenegro-since-march-2023-2024-12-31/
[3] Bloomberg (2025). Do Kwon Pleads Guilty in U.S. Court to Cryptocurrency Fraud Charges. [Online] Available at: https://www.bloomberg.com/news/articles/2025-08-12/do-kwon-pleads-guilty-in-u-s-court-to-cryptocurrency-fraud-charges
[4] BBC News (2024). Do Kwon Extradited to U.S. Over Terra Collapse. [Online] Available at: https://www.bbc.com/news/technology-62247301
[5] Montenegro Government (2024). Justice Minister Approves Extradition of Do Kwon. [Online] Available at: https://www.gov.me/en-us/news/justice-minister-approves-extradition-of-do-kwon
[6] Montenegro Government (2024). Prime Minister Confirms Extradition of Do Kwon. [Online] Available at: https://www.gov.me/en-us/news/prime-minister-confirms-extradition-of-do-kwon
[7] Montenegro Government (2023). Montenegro Welcomes Innovation and Law-Abiding Entrepreneurs. [Online] Available at: https://www.gov.me/en-us/news/montenegro-welcomes-innovation-and-law-abiding-entrepreneurs
[8] Cointelegraph (2024). Richard Heart Placed on International Wanted List for Tax Evasion and Assault. [Online] Available at: https://cointelegraph.com/news/richard-heart-placed-on-international-wanted-list-for-tax-evasion-and-assault
The extradition of Do Kwon, faced with allegations of cryptocurrency fraud for the collapse of TerraUSD, made Montenegro a focal point in the world of general-news and crime-and-justice. Montenegro's Prime Minister Milojko Spajić emphasized the country's stance against fraud, stating that the extradition underscores Montenegro's unwavering commitment to international justice and the rule of law, even in the realm of politics and technology, such as cryptocurrency.
