Montenegro Court Dismisses Terraform Labs Co-founder's Extradition Appeal, Awaits Trial in South Korea
Summary:
The Appellate Court of Montenegro has dismissed Terraform Labs co-founder Do Kwon's appeal against his extradition to South Korea, where he may face several criminal charges. Kwon was arrested in March 2023 for using fake travel documents. Despite the U.S. and South Korea filing competing extradition requests, South Korea's claim has taken precedence. This follows the collapse of Terraform Labs in May 2022, which led to a crypto market downturn. It is still unclear whether Kwon's legal team will challenge the extradition.
The Appellate Court in Montenegro has dismissed an appeal from Do Kwon, co-founder of Terraform Labs, which could have impeded his extradition to South Korea. The Montenegrin appeals court announced on March 20 that it sustained a ruling from the country's supreme court which sanctions Kwon's extradition to his home nation, South Korea. The process of extradition could culminate in Kwon facing multiple criminal charges.
The judges of the Appellate Court considered that the lower court made the correct determination that South Korea's extradition request was received before that of the United States. Consequently, the court affirms the extradition of the accused Do Kwon to South Korea.
In March 2023, Montenegro's law enforcement apprehended Kwon for using counterfeit travel documents. Subsequently, he has remained in Montenegro while the U.S. and South Korea vied to have him extradited. The lawsuit in the U.S. in which Kwon faces eight felony offenses will likely proceed whether or not he is physically present.
Although a Montenegrin court initially ruled for Kwon to be extradited to the U.S. in February, his legal team managed to overturn this decision in March. This resulted in South Korea's extradition claim taking precedence.
During Kwon's tenure at Terraform Labs, the company collapsed in May 2022, largely due to the way it handled its tokens, previously named TerraUSD (UST) and Terra (LUNA). This collapse was instrumental in triggering a downturn in the crypto market in 2022, leading several companies into bankruptcy or failure.
As of now, it remains uncertain if Kwon's legal team have any strategies left to oppose his extradition to South Korea. Following the collapse of Terra, the South Korean government has been exacting severe punishments on those involved in crypto-related crimes.
Published At
3/20/2024 6:49:40 PM
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