Today (Friday), a Montenegro court approved the extradition of cryptocurrency entrepreneur Do Kwon, leaving a minister to decide whether to hand him over to South Korea or the United States, both seeking his extradition.

Extradition Decision: South Korea or the United States

Kwon, the Co-Founder of Terraform Labs, facing multibillion-dollar fraud charges in the U.S., and Han Chong-Joon, the former CFO, have been sentenced to four months in jail by a Montenegro court for possessing forged passports and travel documents. The Singapore-based blockchain company executives were arrested while attempting to travel to Dubai.

The fake Costa Rican and Belgian passports along with falsified identity cards were confiscated. The court had initially set bail at €400,000 for each, but it was voided on appeal as property assessment was inadequate. Kwon stated that he obtained the documents from a Singapore agency recommended by a friend, denying knowledge of their forgery.

In May, at a hearing, the defendants denied charges from the Montenegrin prosecutor. Kwon's lawyers didn't immediately respond to U.S. charges, but a Terraform Labs spokesperson, the company he founded, vowed to fight the "misguided and deeply flawed" U.S. allegations in July.

The Montenegro High Court announced today that Kwon had agreed to extradition to South Korea under an abbreviated procedure, pending the justice minister's final decision, as multiple states have sought his handover. The decision will be made after Kwon completes his prison term for document forgery.

Kwon's lawyer in Podgorica was not available for immediate comment. After his arrest, the U.S. District Court in Manhattan unveiled an eight-count indictment against him for securities fraud, wire fraud, commodities fraud, and conspiracy. In May, a Montenegrin court revoked an 800,000-euro bail for the pair, deeming it an unreliable guarantee.

Montenegro court approves extradition of 'cryptocurrency king' Do Kwon https://t.co/mkSaaAiExP pic.twitter.com/NhDaM2qWIq

— Reuters (@Reuters) November 24, 2023

Kwon Arrested at Podgorica Airport

Finance Magnates reported on Kwon's arrest, with Filip Adzic, Montenegro's Interior Minister, disclosing that Kwon had been apprehended at Podgorica Airport.

In a translated tweet, Adzic announced: "Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, the Co-Founder and CEO of Singapore-based Terraform Labs."

Yonhap News Agency reported that an official from the national police agency confirmed Kwon's identity through photo data. Additionally, local police verified the arrested person's age, nationality, and name using the identification card found in his possession.