The Podgorica High Court in Montenegro has reportedly deferred the decision on the extradition of Terraform Labs co-founder Do Kwon to either the United States or South Korea to the country's attorney general. According to reports from Montenegrin news outlet Vijesti on April 10, Justice Minister Andrej Milovic will ultimately determine whether Kwon will be extradited and to which country. This decision follows Montenegro's highest court reportedly approving a request to verify the legality of a lower court's ruling allowing Kwon's extradition to South Korea.
Kwon was arrested by Montenegrin authorities in March 2023 on charges related to the use of forged travel documents while attempting to leave the country. Despite the ongoing extradition proceedings, Kwon is reportedly permitted to move freely within Montenegro until a final decision is reached regarding the extradition request from either the United States or South Korea, both of which seek to prosecute him for alleged criminal offenses.
The charges against Kwon stem from allegations of defrauding and misleading investors during the collapse of the Terraform platform in May 2022. A civil case brought by the U.S. Securities and Exchange Commission (SEC) on April 5 found both the company and Kwon liable for fraud. Additionally, there is the possibility of criminal charges against Kwon in both the United States and South Korea.
Legal proceedings concerning Kwon's case in Montenegro have seen various dismissals in different courts, as his legal team continues to file motions and appeals throughout the process. The outcome of the April 10 ruling is uncertain, and it remains unclear whether Kwon's attorneys plan to challenge this decision through further appeals or legal maneuvers.
In a related development, Han Chang-joon, Terraform Labs' former chief financial officer, was arrested alongside Kwon in Montenegro and subsequently extradited to South Korea in February. South Korean authorities have also indicted several individuals connected to Terraform, including co-founder Hyun-seong Shin.
