The Montenegro Supreme Court has halted the extradition process of Do Kwon to South Korea. This decision came after the Supreme State Prosecutor’s Office appealed a previous court ruling that approved his extradition. The suspension will stop the proceedings while the Supreme Court reviews the case.
The extradition case is complex, and there are many legal loopholes present in the case. Several decisions relate to the extradition of Do Kwon to the United States and South Korea. The co-founder of Terraform Labs, Do Kwon, is accused of embezzling $40 billion through two cryptocurrencies, Luna and Terra.
He was arrested in March 2023 and has remained in detention, waiting for extradition. His lawyers have complained about how the case has been managed and stated that there are multiple court rulings, but the only plus from the appellate court is that the legal arguments are consistent. The case has received a lot of attention due to legal issues and politics in Montenegro.
Kwon Remains in Detention as Supreme Court Reviews Extradition Case
Terraform Labs and Do Kwon were previously accused of fraud in a U.S. government lawsuit about the company’s 2022 failure, which led to $40 billion in investors’ losses. In the recent jury trial in New York, Kwon and Terraform were convicted of defrauding investors, increasing the SEC’s dominance in the crypto market.
Kwon’s legal team has three days to appeal the recent decision from the Podgorica High Court; however, the case can take more legal turns. The extradition decisions have been unclear for a while. In March 2023, Do Kwon attempted to use fake IDs to travel and was arrested in Montenegro. He was imprisoned for four months, and during that time, the U.S. and South Korea made several attempts to extradite him.
In March 2024, the Montenegrin authorities agreed to extradite Kwon to South Korea. However, Kwon’s legal troubles are not over. In April 2024, a New York jury found him and his company guilty of civil fraud, leading to a $4.5 billion settlement with the SEC. However, U.S. authorities continue to pursue criminal charges. As the Supreme Court reviews the case, Kwon remains in detention.
