Key takeaways:
- The ongoing story of Do Kwon is that a Montenegrin court has once again overturned an earlier ruling that called for the executive’s extradition to the US.
- After Kwon was detained in Montenegro, the lengthy extradition procedure saw numerous events, the most recent of which was the overruling by the Appellate Court.
The ongoing story of Do Kwon, the co-founder of Terraform Labs, is that a Montenegrin court has once again overturned an earlier ruling that called for the executive’s extradition to the United States.
According to an official statement, the Appellate Court of Montenegro reversed the decision of the High Court of Podgorica, which had authorized Kwon’s extradition to the United States, on March 5.
The court stated that Kwon’s extradition to the United States for the purpose of criminal prosecution for several crimes was earlier approved by the High Court in Podgorica on February 20.
The Appellate Court panel contended that notable “violations of the provisions of criminal procedure” of the local laws had an impact on the prior ruling made by the High Court in Podgorica. In the announcement, the panel said:
“There are no clear and valid reasons for decisive facts regarding the order of arrival request letter,”
After Kwon was detained in Montenegro in March 2023, the lengthy extradition procedure saw numerous events, the most recent of which was the overruling by the Appellate Court of Montenegro.
Kwon’s extradition was soon sought by both the US and South Korea, sparking heated debates over whether or not the founder of Terraform Labs ought to be returned to his own nation.
In December 2023, the Appellate Court of Montenegro revoked Kwon’s approval for extradition to the United States or South Korea, stating that the case ought to be brought back to the Podgorica Basic Court for a new trial.
The legal conditions for Kwon’s extradition were previously established by the High Court of Podgorica in November 2023, with the Montenegrin Minister of Justice having the last say over Kwon’s extradition.
The company that created the Terra blockchain, Terraform Labs, is well-known for its Terra stablecoin and related Luna token, both of which crashed in May 2022 as a result of purported fraud. The US Security and Exchange Commission (SEC) claims that Kwon, a co-founder of Terraform Labs, engineered a fraudulent plan that caused the market to lose at least $40 billion.
