Do Kwon, the co-founder of the failed TerraLuna crypto project, has been let out of jail in Montenegro. 

Kwon was previously arrested in March 2023 for using fake travel documents. He had been waiting to potentially be sent to either South Korea or the United States to face charges related to Terra’s $60 billion collapse last year.

According to reports, Kwon was released from prison on Saturday by order of Montenegro’s highest court, the Supreme Court. This overruled a lower court’s previous decision to send him to South Korea. The Supreme Court will now review whether to approve requests to extradite or send Kwon to South Korea or the U.S.

The prison director stated that Kwon’s “regular jail term for the fake travel docs ended,” leading to his release. However, his passport was taken away, so he cannot leave Montenegro yet. He has been moved to a shelter for foreigners while the extradition case continues.

Kwon’s lawyer confirmed the release and plans to ask a court to allow Kwon to remain free until an extradition decision is made. This is a case being watched closely in the crypto world. While penalties may be lighter in South Korea, U.S. prosecutors want Kwon sent there to face multiple serious charges tied to Terra’s shocking collapse.

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