The extradition case of Do Kwon has been handed over to the Minister of Justice in Montenegro, marking one of the hottest news items in the crypto market. The Montenegrin Ministry of Justice will evaluate the possibility of extraditing Kwon, co-founder of Terraform Labs, to either the U.S. or South Korea following a ruling from the Supreme Court.

On September 20, the Supreme Court of Montenegro announced that Kwon's case had been transferred to the Minister of Justice after the court confirmed the legality of the extradition requests. Both South Korea and the U.S. have met the criteria for seeking Kwon's extradition to face criminal charges related to the collapse of the Terra ecosystem in 2022, a significant event that contributed to the wave of bankruptcies among major crypto firms like Celsius, FTX, and BlockFi. Kwon's whereabouts remained largely unknown until he was discovered in Montenegro in 2023.

Montenegrin authorities arrested Kwon for using fake travel documents, leading to a four-month prison sentence. Since his release, Kwon's legal status has remained uncertain as the court considers requests from his lawyers, as well as from the South Korean and U.S. governments.

It remains unclear whether the Minister of Justice has the final say on Kwon's extradition. In April, the Supreme Court of Montenegro referred the case to Minister Andrej Milović, although Kwon's legal team has appealed this decision.

In the U.S., a jury has found Terraform Labs and Kwon liable for defrauding investors in a civil lawsuit filed by the Securities and Exchange Commission (SEC). Both parties have agreed to a settlement of approximately $4.5 billion to compensate investors prior to the trial.

Terraform Labs filed for Chapter 11 bankruptcy in the U.S. in January. On September 19, a judge approved the company’s wind-down plan, but it remains uncertain whether investors will receive full compensation.

While awaiting the potential extradition of Kwon, South Korean authorities have prosecuted several individuals connected to Terraform, including co-founder Hyun-seong Shin. Concurrently, Montenegro has approved the extradition of Han Chang-Joon, former CFO of Terraform Labs, to South Korea, who was also arrested alongside Kwon.

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