Montenegrin Court Denies Appeal, Co-Founder of Terraform Labs Faces Extradition to South Korea
In a dramatic turn of events, Do Kwon, a co-founder of Terraform Labs, has been denied his appeal to prevent his extradition to South Korea by a Montenegrin court. Kwon, who was detained by Montenegrin authorities in March 2023 for using forged travel documents, now faces the possibility of being extradited to his home country where he is a citizen.
The Appellate Court of Montenegro confirmed the ruling of the nation’s high court on March 20, stating that Kwon may be charged with “several criminal offenses” if the extradition process proceeds. The court of appeals cited the fact that South Korea’s extradition request arrived earlier than that of the USA, putting South Korea’s claim ahead of the others.
This legal battle comes in the wake of Terraform Labs’ failure in May 2022, which had a significant impact on the crypto market. The company’s mishandling of tokens, including TerraUSD (UST) and Luna, is believed to have played a role in the 2022 crypto market crash.
Despite the extradition proceedings, Kwon’s attorneys have not revealed their legal strategies to fight the extradition to South Korea. The nation’s government has been cracking down on individuals involved in crypto-related offenses since Terraform Labs’ collapse.
It remains to be seen how this high-profile case will unfold, but one thing is certain – the fate of Do Kwon hangs in the balance as he faces the possibility of returning to South Korea to face criminal charges. Stay tuned for more updates on this developing story.
