In a significant development, Montenegro finally extradited Do Kwon, the former CEO of Terraform Labs, to the United States on December 31. Kwon, a South Korean national, was handed over to FBI agents at Podgorica Airport. He faces charges of conspiracy to defraud related to the collapse of Terraform Labs’ digital currencies TerraUSD and Luna, causing an estimated $40 billion in damages to investors and destabilizing global cryptocurrency markets in May 2022. Montenegro’s Constitutional Court rejected Kwon’s request for reconsideration last week. Arrested in March 2023, Kwon denies the charges. This extradition, after 18 months of legal wrangling, sets the stage for Kwon’s trial that could redefine accountability in the digital currency industry.
