Terra-Luna founder Do Kwon won a request to stop being extradited from Montenegro

2023-12-20 03:31:35

Surprisingly, the Montenegrin Court of Appeal rejected the country’s High Court’s previous decision to approve the extradition of Terraform Labs founder Do Kwon to South Korea or the United States.

Montenegrin Court of Appeal Cancels Extradition Approval for Do Kwon

The Montenegrin Court of Appeal revoked the decision of the Podgorica High Court to grant the extradition of fallen crypto star Do Kwon.

According to an official statement dated December 19, the Court of Appeal highlighted a number of issues in the proceedings, in particular the lack of clear reasons and facts in the High Court’s decision.

The Podgorica High Court ruled in November 2023 that the legal requirements for Kwon’s extradition to the United States or South Korea had been met, and the final decision rested with Montenegrin Justice Minister Andrei Milovich. Tuesday’s ruling shows that Kwon’s defense has successfully appealed the decision.

The Court of Appeals declared the extradition decision null and void because the investigating judge failed to inform Daoquan of the reasons and evidence requested by the United States and to allow him to defend himself as required by law. The Supreme Court has ordered the case to be remanded to the Podgorica Lower Court for retrial.

Do Kwon is currently serving four months in prison in Montenegro for forging documents. The disgraced crypto tycoon faces charges in his home country and the United States for his alleged involvement in the May 2022 collapse of Terra’s algorithmic stablecoin, TerraUSD (UST), and the platform’s native asset, LUNA. The U.S. Securities and Exchange Commission (SEC) accused Kwon of orchestrating a fraudulent scheme that cost the cryptocurrency market more than $40 billion in a matter of days.

Earlier reported, there were rumors that Montenegro plans to extradite the former CEO of Terra to the United States. The report cites anonymous sources familiar with Minister Milovic’s discussions.

Bloomberg reported last week that Kwon’s detention in Montenegro had been extended at the request of South Korea and the United States after Kwon’s lawyer appealed the extradition ruling. His detention was due to end on December 15 but was postponed to February 15, 2024.

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