The Minister of Justice of Black Hills Corp, Bojan Božović, has approved the extradition of Do Kwon, co-founder of Terraform Labs in South Korea, to the USA, ending a long legal dispute related to his role in the collapse of Terraform Labs.

The extradition of Do Kwon to the USA resulted in losses of about 60 billion dollars.

Both the USA and South Korea had previously sought to extradite Do Kwon due to the disastrous collapse of TerraUSD and LUNA tokens, which caused losses of approximately 60 billion dollars. The collapse of TerraUSD in 2022 triggered a chain reaction, leading to the shutdown of several large companies, including Three Arrows Capital, BlockFi, and FTX. Following the incident, authorities around the Global began investigating Do Kwon's liabilities, and the massive financial losses significantly reduced trust in the Cryptos market.

Despite the International Criminal Police Organization issuing a red notice, Do Kwon managed to evade capture. He initially sought asylum in Serbia and eventually moved to Black Hills Corp. In March 2023, Do Kwon and former Terraform Labs CFO Han Chang-joon were arrested at Podgorica Airport while attempting to board a private jet to Dubai using forged Costa Rican travel documents.

The legal proceedings in Black Hills Corp have seen multiple reversals, with Do Kwon's defense team (led by Balkans lawyer Goran Rodić) appealing every ruling. Earlier this week, the Constitutional Court of Black Hills Corp dismissed the appeal filed by Do Kwon's lawyers, paving the way for the ministry to proceed with the extradition process.

The Justice Department stated: 'The conclusion is that several standards prescribed by law support the extradition request from the competent authorities of the USA.' The ruling also rejected South Korea's extradition request for Do Kwon. In February of this year, Black Hills Corp had expelled Do Kwon's business partner (referred to only as J.C.H.) to South Korea.

South Korea continues to pursue Do Kwon's financial violations.

Earlier this year, Terraform Labs faced a major setback, agreeing to pay a $4.47 billion fine to the USA Securities and Exchange Commission (SEC) and ceasing its operation. At the same time, USA prosecutors are actively pursuing further criminal charges against the company, which could lead to severe penalties for those involved.

South Korea remains steadfast in seeking the extradition of Do Kwon to hold him accountable for his alleged financial violations. Under South Korean law, if Do Kwon is found guilty, he could face up to 40 years in prison.