Montenegro's Court of Appeal has dismissed an appeal filed by Do Kwon, co-founder of Terraform Labs, challenging his extradition to South Korea. The court upheld the decision of the country's high court, which had approved Kwon's extradition to his home country, where he holds citizenship. Kwon faces potential charges for "multiple criminal offences" upon his extradition to South Korea.
In its statement issued on March 20, the Court of Appeal explained that it reviewed the appeal filed by Kwon's counsel and determined that the initial court correctly prioritized South Korea's extradition request over that of the United States. Consequently, the decision to allow Kwon's extradition to South Korea was upheld by the Court of Appeal.
Kwon was apprehended by Montenegrin authorities in March 2023 on allegations of using forged travel documents. Since then, he has remained in Montenegro while facing extradition requests from both the United States and South Korea. Despite legal maneuvers, including successful appeals against extradition to the United States in February, South Korea's extradition claim has prevailed.
Although Kwon's presence in the United States may not be required for his ongoing criminal case, which involves eight felony charges, the legal proceedings against him are anticipated to continue. Terraform Labs, under Kwon's leadership, experienced a collapse in May 2022, partly attributed to issues surrounding tokens like TerraUSD (UST) and Luna. This collapse had ripple effects on the cryptocurrency market, leading to bankruptcies and closures within the industry.
Amid the extradition proceedings, Kwon's options to contest extradition to South Korea remain uncertain. Notably, South Korea has been adopting stringent measures against individuals involved in cryptocurrency-related crimes since the Terra collapse, further complicating Kwon's legal situation.
