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Montenegro’s Appeals Court has canceled the extradition of Do Kwon, the founder of Terra, to the United States or South Korea. Today’s announcement brings a new layer of complexity to the ongoing legal challenges faced by Kwon, who is dealing with various charges across multiple countries.
Multiple Charges on Do Kwon
Do Kwon, the former CEO of Terra, had previously been arrested and imprisoned in Montenegro for charges related to having fake official documents. But his legal troubles didn’t stop there; he also had pending cases in the United States and South Korea.
The United States Securities and Exchange Commission (SEC) and other agencies hit Kwon with several criminal charges, accusing him of wire fraud, commodities fraud, securities fraud, and conspiracy to defraud.
They allege his involvement in a massive cryptocurrency scam that reportedly led to over $40 billion in losses.
The Extradition Request
Both the United States and South Korea had requested Do Kwon’s extradition to face charges connected to the collapse of Terraform Labs, his multi-billion dollar cryptocurrency enterprise, in May 2022.
The Podgorica High Court initially approved the extradition in November, citing legal prerequisites. However, Tuesday’s order reveals that Kwon’s defense successfully appealed the decision.
The Appeals Court highlighted a crucial procedural flaw – the investigating judge failed to hear Do Kwon’s response to the U.S. extradition request, a legal requirement.
What’s Coming Up
Now that the extradition decision is off the table, the case heads back to the Podgorica Basic Court for a retrial. If the courts end up agreeing to Kwon’s extradition, the final decision rests with the country’s Minister for Justice.
As the legal drama unfolds, Do Kwon’s future remains uncertain. The recent decision leaves us wondering how U.S. and South Korean prosecutors will react and what Kwon’s legal team will do next.