South Korean prosecutors are preparing to contact authorities in the European Union (EU) and Montenegro, to request the extradition of Do Kwon, Terraform Labs (TFL) CEO and founder.

Kwon was arrested in Montenegro on Mar. 23. Prosecutors are expected to request Kwon's extradition within the day.

Minister of the Interior of Montenegro Filip Adzic tweeted on Mar. 23 that Kwon had been arrested at the Podgorica airport.

The financial crimes division of the Seoul Southern District Prosecutors' Office, the Supreme Prosecutors' Office, and the international criminal investigations division of the Ministry of Justice are all expected to request the extradition of both Kwon and Han Chang-joon, CEO of Chai Corporation, who was arrested alongside Kwon.

Kwon and Han were both attempting to evade Serbian authorities at the time of their arrest. Montenegrin authorities have reported that the two fugitives were planning on boarding a flight to Dubai.  

South Korea joined Europe’s Convention on Extradition in 2011, and the terms of this treaty are expected to influence the extradition process.

EU member nations are required to follow the terms of the convention even if they have signed no individual extradition treaties with outside nations.

South Korea and Montenegro have no direct extradition treaty between them. However, since South Korea is part of the European Convention on Extradition, Montenegro is likely to accept South Korea's extradition request for Kwon and Han.

Montenegro is not an EU member yet, but it is in the process of applying for membership.

"Montenegro is applying for EU membership. During the evaluation process, they will fulfill any and all obligations to the EU," said an insider in the South Korean prosecutor's office.

"Serbia, where Kwon was hiding out before, is also applying for EU membership. Serbian authorities have actively cooperated with Korean authorities in regards to Kwon's extradition and protective custody, so there's no reason Montenegro won't cooperate," the insider added.

In October 2021, the Serbian Embassy in South Korea released a statement regarding Montenegro's application for EU membership. The statement commented that Montenegro is making balanced reforms in terms of its constitution, but that the country is still lagging when it comes to freedom of the press, freedom of speech, anti-corruption efforts, and eliminating the influence of criminal organizations.