Montenegro's Constitutional Court has rejected the appeal of Do Kwon, the co-founder of Terraform Labs, which challenges his extradition.
The decision by the Montenegrin court reportedly pointed to inconsistencies in Kwon's appeal, confirming the original ruling that supports extradition.
It also removes a legal option for Kwon, who is wanted by South Korea and the United States for alleged financial crimes. Authorities in both countries have requested his extradition to face charges.
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Kwon has been under scrutiny since 2022, when his cryptocurrency project, Terra Luna, collapsed, wiping out $45 billion in market value. The incident led to accusations of fraud, market manipulation, and violations of securities laws, triggering investigations in multiple countries.
The collapse is considered one of the biggest failures in cryptocurrency history. It decreased trust in stablecoins and decentralized finance (DeFi), prompting stricter regulatory measures worldwide.
Kwon was arrested in Montenegro in March 2023 while attempting to leave the country using a fake passport. The legal challenges have since intensified, with Montenegrin authorities navigating complex extradition requests from two major jurisdictions.
Terra Luna's $45 billion crash has even been adapted into a film, Crypto Man, scheduled for release in South Korea in January 2025. How would the movie present this infamous collapse? Read the full story.
