Do Kwon to be released from jail, remain in Montenegro

Markets•March 22, 2024, 3:25PM EDT
UPDATED: March 22, 2024, 4:53PM EDT
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Do Kwon to be released from jail, remain in Montenegro

Quick Take

  • Terraform co-founder Do Kwon to be released from prison in Montenegro.
  • Kwon to stay in the Balkans due to facing international criminal charges.
  • Montenegro’s High Court orders the confiscation of Kwon’s passport to restrict travel.
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Terraform co-founder Do Kwon is being released from prison in Montenegro, but he will remain in the Balkan nation as he faces criminal charges brought by authorities in several countries.

Montenegro’s High Court on Friday ordered the South Korean crypto kingpin’s passport be confiscated to prevent him from leaving the country, Montenegrin daily newspaper Vijesti reported. According to the court's order, Kwon will leave Spuž prison on Saturday. 

Prosecutors contested Kwon's extradition to South Korea, preferring he get sent to the United States where his sentences could be longer should he get convicted.

In May 2022, Terraform Labs' Terra and Luna cryptocurrencies collapsed, erasing over $40 billion in market value in a matter of days. Following this, U.S. and South Korean officials pursued Terraform Labs and Do Kwon for fraud and securities law violations. Marked by an Interpol Red Notice, Kwon, then a fugitive, was captured in Montenegro for using counterfeit travel documents.