Montenegro's Supreme Court Delays Extradition of Terraform Labs' Co-Founder Do Kwon
Summary:
The Supreme Court of Montenegro has delayed the extradition of Terraform Labs' co-founder Do Kwon to South Korea. The decision has been postponed pending a review of a lower court's decision that allowed his extradition. Kwon is facing criminal charges in both South Korea and the U.S. The final decision on the extradition request, between the U.S. and South Korea, is yet to be confirmed.
Montenegro's Supreme Court has postponed the extradition of Terraform Labs' co-founder Do Kwon to South Korea until the court can judge a request from the prosecution. The Council of the Supreme Court in Montenegro announced on March 22, they would examine a request to safeguard the legality of a verdict given by a lower court, permitting Kwon's extradition. Prosecutors have alleged that the appellate court overstepped its boundaries by dismissing Kwon's lawyers' appeal and assert that only the Supreme Court of Montenegro has the power to formalize a legal ruling.
Kwon, who hails from South Korea, seemingly would rather be extradited to his homeland than to the United States. He is facing criminal prosecutions in both nations but has been under arrest in Montenegro since March 2023 due to accusations of using fake travelling documents. Law enforcement agencies are currently considering competing extradition bids.
Kwon’s company, Terraform Labs, previously filed for Chapter 11 bankruptcy protection. If deported to the U.S., Kwon would probably confront eight serious felony accusations made by public prosecutors in March 2023, relating to fraudulent activity within Terraform Labs. In South Korea, he is facing charges of deception and breaches of capital market rules. As of the time of writing, it isn't clear whether the extradition request will be granted to U.S. or South Korea.
Terraform Labs’ former CFO, Han Chang-joon, who was arrested concurrently with Kwon in Montenegro, was extradited to South Korea in February. In April 2023, certain people associated with Terraform Labs, which includes co-founder Hyun-seong Shin, were indicted by South Korean officials. A notable retort from the founder of 3AC was: ‘Am I sorry? No’. Additional news highlights a fast-food worker who laundered $6B BTC through Asia Express.
Published At
3/22/2024 6:07:33 PM
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