United States Secures Transfer of Do Kwon from Montenegro
In a significant turn of events, Montenegro has completed the extradition of Do Kwon, the embattled founder of Terra and Terraform Labs, to the United States on December 31, 2024. This extradition follows a series of legal proceedings that began in spring 2023.
Kwon was arrested in Montenegro in March 2023 while attempting to travel with falsified documents. He had been held in a migration center since then, awaiting the resolution of his case.
The extradition was confirmed by Montenegro's Prime Minister, Milojko Spajić, and took place at Podgorica Airport. This move underscores Montenegro's unwavering commitment to international justice and the rule of law.
In the United States, Kwon faces multiple counts of cryptocurrency-related fraud, including securities fraud, commodities fraud, wire fraud, and conspiracy charges arising from the 2022 collapse of TerraUSD and Luna. The collapse wiped out over $40 billion in market value.
As of August 2025, Kwon pleaded guilty to these charges, reflecting a landmark moment for crypto regulation and international justice cooperation. He faces up to 12 years in prison under a plea deal, which may expedite sentencing and set significant legal precedent for crypto prosecutions amid increased regulatory scrutiny.
The case involved extensive international cooperation among authorities from South Korea, Singapore, Montenegro, and the United States, underscoring cross-border efforts to enforce laws related to complex crypto fraud schemes.
However, the case has also raised questions about international legal cooperation and enforcement mechanisms. Montenegro’s Prime Minister has been publicly linked to allegations connected to Kwon’s activities, though Kwon and his legal team denied such claims, and no formal charges have implicated the Prime Minister directly.
Meanwhile, another cryptocurrency figure, Richard Heart, known for his involvement in the HEX, PulseChain, and PulseX projects, found himself on an international wanted list for tax evasion and assault charges in late December 2024.
In conclusion, Do Kwon’s legal proceedings in the U.S. have culminated in a guilty plea on multiple fraud charges, reflecting a landmark moment for crypto regulation and international justice cooperation, with Montenegro playing a notable but controversial role in the arrest and extradition phase. The case underscores the need for continued cooperation and enforcement mechanisms to hold crypto actors accountable, reinforcing the global rule of law in emerging digital financial markets.
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