Do Kwon, the founder of the failed Terra blockchain, is going to be extradited to the United States. He faces fraud charges there. This news comes from Montenegro's Minister of Justice, Bojan Božović.

On December 27, 2024, it was announced that Kwon would not be sent to South Korea as previously planned. Instead, he will stand trial in New York. This decision could finally clear up the complicated extradition situation involving both the US and South Korea.

The US Department of Justice confirmed that they requested Kwon's extradition. They want him to face trial in New York. Minister Božović stated that “most of the criteria provided by the law apply to the request for extradition by the competent authorities of the United States of America.” Bloomberg News was the first to report this significant update.

As of now, it’s unclear when Kwon will be extradited. He has maintained his innocence regarding the charges against him.

For months, prosecutors in both the US and South Korea have worked to extradite Kwon from Montenegro. In August, a Montenegro appellate court ruled that he should go to South Korea. However, the Southern District of New York, the same office that prosecuted Sam Bankman-Fried, managed to persuade the Montenegrin courts to send him to the US instead.

The extradition process has been tricky. There’s still a chance Kwon's destination could change again. There has been some confusion about the decision-making between the courts and the Ministry of Justice. Kwon might still have the option to appeal this latest ruling.

In March 2023, Kwon was arrested at Podgorica Airport while trying to board a private jet to Dubai. He was traveling with an associate, and both had fake Costa Rican passports. After the collapse of Terra in May, Kwon became the target of an Interpol red notice and reportedly hid out in Serbia for several months.