Montenegrin high court rules on extradition of Terraform Labs co-founder to South Korea

A Montenegrin high court has rendered a decision regarding the extradition of Do Kwon, co-founder of Terraform Labs, to South Korea to face criminal charges related to the May 2022 collapse of his multibillion-dollar cryptocurrency enterprise, as reported by local news sources on Thursday.

Extradition rulings

In a recent development, the high court in Montenegro ruled in favor of extraditing Do Kwon to South Korea, overturning a previous decision that had approved his extradition to the United States. This decision marks a significant turn in Kwon’s case’s legal proceedings, as he faces charges in multiple jurisdictions.

Following the collapse of Terra, Kwon managed to elude South Korean authorities for a period before his eventual arrest in Montenegro last year. His arrest occurred while attempting to travel using falsified documents. Notably, Kwon was apprehended alongside former Terra executive Han Chang-joon, who was deported to South Korea in February.

Legal proceedings

Do Kwon has remained in Montenegro since his arrest, serving a four-month sentence for possessing falsified documents while awaiting a final decision on his extradition? Both the United States and South Korea have sought his extradition for prosecution. 

In the United States, Kwon faces charges related to securities fraud, while South Korea has brought forth allegations concerning the collapse of Terra and its aftermath.

Challenges and appeals

Kwon will likely contest the recent decision by the Montenegrin high court to extradite him to South Korea, as he has done with previous rulings. The legal battle surrounding his extradition reflects the complexity and international nature of the charges against him. Kwon’s legal team may pursue further appeals or legal avenues to alter the course of his extradition proceedings.