High Court Decides on Extradition of Terraform Labs Co-founder, Do Kwon
Summary:
Co-founder of Terraform Labs, Do Kwon's legal team has successfully paused his extradition, with the final decision to be made by the High Court of Montenegro. Kwon faces potential extradition to the United States or South Korea where he's due to face criminal charges. He was previously arrested in Montenegro for using fake travel documents. In the U.S, he was found liable for fraud in a case initiated by the Securities and Exchange Commission (SEC). His extradition stands indeterminate as courts decide on his fate.
Do Kwon's legal team has once again prevailed in a bid to halt his extradition, leaving the final decision to be made by Montenegro's High Court. The co-founder of Terraform Labs may be extradited to either the United States or South Korea. As reported by the Montenegrin news platform Vijesti on May 24, the court of appeals in the country has sided with arguments made by Kwon's counsel and put the issue of extradition back on the table for resolution in the High Court. This recent appeal is the latest in a string of legal strategies deployed by Kwon's team to stave off his transfer to the U.S. or South Korea, where he's facing criminal charges.
The appellate court of Montenegro allegedly explained in its decision that if the individual facing extradition consents to it, a streamlined process must be used, with the decision ultimately resting with the court. They also stated that the original court should have obtained further testimony from the defendant while ensuring that his consent to extradition was willingly given and fully understood, and emphasized that such consent cannot be rescinded.
Kwon was apprehended by Montenegrin officials in March 2023 for his attempt to depart the country using fraudulent travel documents. He received a four-month prison term and was subsequently freed as the courts pondered over competing extradition demands from the U.S. and South Korea.
In relation to this, the Montenegrin Justice Minister has been in talks with the SEC regarding Kwon’s case. Meanwhile, a U.S. court determined Kwon and Terraform guilty of fraud in a civil case pressed by the Securities and Exchange Commission (SEC) in April. A hearing to discuss proposed penalties from both parties is scheduled for May 29. The question of whether Kwon can physically participate in his defense in either the U.S. or South Korea remains unanswered as his extradition brews uncertainty. If handed over to South Korea, Kwon will face charges for fraud and breaches of capital market laws. Magazine: Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower.
Published At
5/24/2024 7:18:38 PM
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