Montenegro’s Justice Minister draws a deadline for Kwon’s extradition.

Do Kwon was left with his electronic devices & keys to wallet access. 

The Balkan nation’s Prime Minister is alleged to have ties to Kwon.

Justice Minister Bojan Božović revealed to a local Montenegro newspaper that the Montenegrin authorities have reached a mutual agreement in terms of Do Kwon’s extradition. Nevertheless, the destination still remains undisclosed, making the market watchers and lawmakers guess between South Korea and the United States (USA).

Do Kwon’s Fate To Be Determined Soon?

As Montenegro’s decision to extradite Do Kwon was sent back-and-forth between the Highest and Appellate Courts in Podgorica, the wait is coming to a close. According to Vijesti, a local newspaper, the Justice Minister intends to make Do Kwon’s extradition decision public by the evening of Sunday, October 20, 2024. However, the latest report from Balkan Insight alleged that the decision is postponed once again.

Last year in March, Do Kwon and his affiliate TerraForm Labs CFO Han Chang-joon were captured trying to onboard a private jet to Dubai, UAE with forged passports. Since then, Do Kwon spent four months in a jail in Podgorica, but several piquant details on his living conditions reveal that the controversial crypto entrepreneur was able to use crypto.

Terra’s Do Kwon Swapped Bitcoin In Jail

Do Kwon was issued a Red Notice in September, 2022, having a 9-month cat & mouse chase across Europe, including Croatia and Serbia, along with Costa Rica and other overseas territories. The criminal charges are related to the terrifying fiasco of Terra Luna in 2022, when both LUNA and UST tokens crumbled to pieces in a matter of weeks.

As Do Kwon is finished serving a four-month sentence in Montenegro, Montenegro’s National Security Agency (ANB) reported that Do Kwon’s personal belongings, such as laptops, mobile smartphones and cold wallets have been confiscated only 72 days after the check-in, and only after a strict order from the Minister of Police and Police Directorate.

One of the massive transactions the fallen crypto entrepreneur made during his stay in Podgorica’s prison was the $62 million Bitcoin (BTC) transfer in September, sent to a new wallet, totaling 1075 BTC. This occurred three months after the now-insolvent TerraForm Labs, the parenting company of all Terra Luna tokens, reached a bankruptcy protection agreement with the U.S. Securities and Exchange Commission (SEC) for $4.5 billion in disgorgement and civil fines.

On The Flipside

The escape to Montenegro could have been planned, according to connections found by local media outlets.

The Montenegrin Prime Minister Milojko Spajić was proven to be one of the early Terra Luna crypto investors.

Why This Matters

As TerraForm Labs investors are seeking closure on the ecosystem’s downfall, the fate of this lawsuit could pave the way for a more comprehensive crypto regulation and safer environment for investors.

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