Terraform Labs co-founder Do Kwon has initiated the process of appealing a ruling made by a Montenegrin court, potentially leading to his extradition.
Reports from local state media on December 6 indicated that Kwon's legal counsel formally lodged an appeal against the November 24 decision of the Podgorica High Court. This initial ruling allowed for Kwon’s extradition to either the United States or South Korea, depending on the final decision of the Montenegro Ministry of Justice.
The appeal has been submitted, and the Justice Department will now review the case once again, re-examining the original extradition order. A final decision on Kwon's extradition is now anticipated by December 15.
As per a statement from the Podogrina High Court on November 24, Kwon expressed a preference for extradition to South Korea rather than the United States. Kwon’s legal representatives initially responded to the U.S. extradition request on September 28, contending that due to Kwon's detention in Montenegro, any attempt to deport him before October 13 would be deemed "impossible."
The legal issues surrounding Kwon trace back to February 17, when the SEC charged Terraform Labs and Kwon with alleged involvement in a "multi-billion dollar crypto asset securities fraud." Kwon and former Terraform Labs chief financial officer Han Chong-joon were detained at Podgorica airport on March 23 for reportedly carrying forged travel documents while attempting to travel to Dubai.
Following extradition, Kwon remained in detention in Montenegro from June 15 onwards and received a six-month prison sentence while the court deliberated on whether to extradite him to the United States or South Korea.
