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South Korean authorities inched closer to accosting Do Kwon over Terra’s $60 billion collapse following a March 20 court ruling in Montenegro.
According to an official notice on the matter, Do Kwon’s bid to overturn a decision approving his extradition to South Korea was rejected by an appeals court in the Balkan country.
A Montenegro court previously ordered Kwon’s removal to South Korea for criminal prosecution after revoking extradition to the United States. The former Terraform Labs CEO had successfully challenged rulings allowing his removal to America on at least two occasions.
However, the latest decision greenlighting Kwon’s handover to his native country is reportedly final. Courts will hear no more appeals on the case despite the U.S. Justice Department’s intention to contest the verdict. Authorities in Montenegro have also not disclosed when Terra’s founder will be extradited.
Do Kwon’s extradition settled
The ruling settles a year-long debate on which country, the U.S. or South Korea, would first try Do Kwon following his arrest last March. Police in Montenegro’s capital city, Podgorica, detained the fallen crypto tycoon after Interpol issued a red alert.
Kwon was caught along with former Terraform Labs financial executive Han Chang-Joon before boarding a private flight to the United Arab Emirates. According to law enforcement, the pair had obtained fake Costa Rican passports and were jailed for over six months on forgery charges.
Last month, Chang-Joon was extradited to South Korea, where prosecutors had already initiated a trial to determine Do Kwon’s role in Terra’s 2022 ecosystem implosion. One ex-developer at the company testified that the founder knew about the project’s risks.