Requesting: United States and South Korea (competing requests)Requested: Montenegro

Do Kwon (Kwon Do-hyeong): extradition case and outcome

Do Kwon was arrested in Montenegro in March 2023 for trying to use a fraudulent passport, and the United States and South Korea both sought his extradition. Montenegro's Justice Ministry approved extradition to the United States in December 2024 and he was extradited on 31 December 2024. He pleaded guilty in August 2025 and was sentenced on 11 December 2025 to 15 years in prison.

Extradited Extradited from Montenegro to the United States on 31 December 2024, after Montenegro's Justice Ministry chose the US request over South Korea's.^2,1

Charges as alleged. US prosecutors in Manhattan charged the Terraform Labs founder with fraud offences over the collapse of the TerraUSD and Luna tokens. Cointelegraph reported that he faced nine charges. South Korean prosecutors also sought him.^1,3

Charges are allegations unless a court has convicted. Each record states what each court or minister decided and the person's public response.

Decisions

23 March 2023Montenegrin authoritiesArrested for trying to use a fraudulent passport, according to the US Attorney's Office.²
27 December 2024Ministry of Justice of MontenegroAnnounced approval of his extradition to the United States, as reported by AP.¹
31 December 2024Montenegrin authoritiesExtradited to the United States.²
12 August 2025US District Court for the Southern District of New YorkPleaded guilty to wire fraud and to conspiracy to commit securities fraud, commodities fraud and wire fraud. Prosecutors agreed not to recommend more than 12 years, according to Cointelegraph.^2,3
11 December 2025US District Judge Paul A. EngelmayerSentenced him to 15 years in prison and ordered forfeiture of more than 19 million dollars.²

What happened next

Pleaded guilty in August 2025 and was sentenced on 11 December 2025 to 15 years in prison, with forfeiture of more than 19 million dollars. Cointelegraph reported that he could be transferred to South Korea after serving half of the sentence, where he may face further proceedings.^2,4

Response

At sentencing he told the court he wanted to "do my penance in my home country", according to Cointelegraph. His lawyers had asked for five years.⁴

Legal points

The case involved competing extradition requests from the United States and his home state, South Korea, with the final decision taken by Montenegro's Justice Ministry.¹

Sources

Associated Press (via CTV News), Montenegro approves the extradition of cryptocurrency mogul Do Kwon to the United States (27 December 2024)
US Attorney's Office, Southern District of New York, Crypto-Enabled Fraudster Sentenced For Orchestrating 40 Billion Dollar Fraud (11 December 2025)
Cointelegraph, Do Kwon pleads guilty to fraud charges in Terraform Labs case (12 August 2025)
Cointelegraph, Do Kwon sentenced to prison after guilty plea (11 December 2025)