Montenegro Court docket Approves Do Kwon’s Extradition to South Korea

• Montenegro approves Do Kwon’s extradition to South Korea over Terraform Labs’ collapse.
• Court docket rejects U.S. extradition request in high-profile cryptocurrency fraud case.
• Do Kwon to face South Korean justice for TerraUSD collapse and alleged securities rip-off.

Bloomberg studies that the Montenegro Appellate Court docket has accredited the extradition of Do Kwon, the co-founder of Terraform Labs, to South Korea to face expenses associated to the TerraUSD collapse. This ruling, introduced on August 1, rejects a competing request from the USA. Consequently, Kwon will face authorized proceedings in his house nation somewhat than within the U.S.

The court docket’s choice follows a collection of authorized challenges. Earlier, Montenegro’s Supreme Court docket had overturned a previous choice approving Kwon’s extradition to South Korea. The case was referred again to the Larger Court docket in Podgorica. This sparked a protracted authorized battle between South Korea and the U.S., every vying for jurisdiction over the high-profile cryptocurrency fraud case.

The Podgorica-based appellate court docket confirmed the extradition ruling as closing, upholding a fast-track extradition process set by an earlier ruling. Due to this fact, there can be no additional appeals in opposition to this choice.

Following the court docket’s choice, Goran Rodic, Kwon’s lawyer, indicated that Montenegro will coordinate the extradition with Interpol. Consequently, he anticipates a swift extradition course of. Kwon was detained at Podgorica airport on March 23, 2023, whereas trying to journey to Dubai utilizing a faux passport. He served a four-month sentence for forgery and has since been held in a detention heart close to Podgorica.

Notably, Kwon is needed in each South Korea and the USA for his alleged function in a serious securities rip-off related to the TerraUSD collapse. Terraform Labs, the startup he co-founded, created the TerraUSD stablecoin, which blew up in Might 2022, rattling the crypto market.

The Montenegrin courts have confronted conflicting calls for from the U.S. and South Korea since Kwon’s arrest. Nevertheless, the current appellate court docket choice marks a major growth in resolving his extradition saga.