Do Kwon, the mastermind behind one of crypto’s most catastrophic downfalls, is set to face justice in the United States. Montenegro’s Justice Minister, Bojan Božović, has recently signed off on his extradition. This followed months of deliberation and a ruling from the Supreme Court of Montenegro. This decision marks a pivotal moment in the global crackdown on financial crimes tied to the volatile world of digital currencies.
The Decision: U.S. Over South Korea
After initially dismissing the extradition appeal, Montenegro’s Supreme Court has now cleared the path for Do Kwon’s extradition. This came after evaluating requests from both the United States and South Korea.
In its statement, the Ministry of Justice emphasized the meticulous review process for Kwon’s extradition approval. The Ministry noted that the decision considered the Supreme Court’s ruling.
Also, factors like the seriousness of the crimes and the order of requests were considered. This thorough review guided their final decision. Ultimately, most legal conditions favored the U.S. claim.
Kwon was accused of causing a massive crypto collapse that erased $40 billion in value and affected countless investors globally. This devastating impact led the Ministry to prioritize the U.S. request, where authorities aim to hold him accountable.
The TerraUSD and Luna Collapse: A Ripple Effect
In May 2022, Kwon’s digital tokens, TerraUSD and Luna, collapsed, causing massive financial losses. The crash wiped out $40 billion from the global crypto market and left millions of investors in financial ruin.
The impact was felt across the crypto world, leading to bankruptcies and revealing weaknesses in the market. Investigations by U.S. and South Korean authorities revealed Kwon played a key role in misleading investors.
He was also accused of hiding large wealth, suggesting intentional deception. The losses extended beyond numbers, with countless individuals losing life savings due to Kwon’s promises of stability in an unstable market.
The Do Kwon Arrest and Detention in Montenegro
Kwon’s downfall became international news on March 23, 2023. He and his business partner, Han Chang-Joon, were arrested at Podgorica Airport. They tried to escape to Dubai with fake passports but were caught and later sentenced to four months in prison for forgery.
Upon his release from Montenegro’s Spuž prison, Kwon was handed over to the foreign nationals’ inspectorate for intense interrogation. He now resides in the Foreigners’ Shelter, awaiting the final execution of his extradition to the U.S.
For millions of investors and the crypto industry, the extradition signals a crucial step toward justice. As Do Kwon prepares to face American courts, the world is watching for future outcomes.
