Key takeaways:
- The recent verdict by the Montenegrin high court, which ordered the extradition of Do Kwon from Terraform Labs to South Korea, will be challenged by US authorities.
- In March 2023, the US and South Korea submitted requests for Kwon’s extradition, but they have been at odds over who gets to eat first ever since.
The recent verdict by the Montenegrin high court, which ordered the extradition of Do Kwon from Terraform Labs to South Korea, will be challenged by US authorities.
According to a March 7 report, the US Department of Justice (DOJ) informed Bloomberg that it is still seeking Kwon’s extradition in compliance with all applicable bilateral and international agreements as well as Montenegrin law.
The United States recognizes and appreciates Montenegrin authorities’ cooperation in preserving the idea of the rule of law for every person.
In March 2023, the US and South Korea submitted requests for Kwon’s extradition, but they have been at odds over who gets to swallow first ever since.
Kwon, the CEO of Terraform Lab, was scheduled to be extradited to the US on February 21, following a decision by the Podgorica High Court.
But two weeks later, the Montenegro Appeals Court opted to reverse the lower court’s decision, citing “significant violations of the provisions of criminal procedure,” which sent Kwon back on the path toward South Korea.
The United States may submit an appeal to the Montenegro Supreme Court, which sits above the Montenegro Appeals Court, in accordance with the nation’s legal framework.
Eight counts, including fraud and market manipulation linked to the $40 billion collapse of the Terra ecosystem, are being brought against Kwon in the US. He is accused of lying and violating financial market regulations in South Korea.
It has already been reported by Kwon’s counsel that he would want to be extradited to South Korea in order to be closer to his family. Kwon is purportedly facing a 40-year prison sentence.
Prosecutors in South Korea had issued an arrest order for Kwon in September 2022. His single known appearance occurred in March 2023, when he was arrested by Montenegrin authorities for entering Costa Rica with a fake passport.
Kwon was placed in extradition custody after spending at least four months in jail for the passport issue, despite a brief period of being released on bond.
