Montenegro High Court Deliberates on Terraform Co-Founder's Extradition Decision
Summary:
The High Court of Montenegro has reportedly passed the decision concerning the extradition of Terraform Labs co-founder, Do Kwon, to either the US or South Korea, to the nation's justice minister. Montenegrin authorities apprehended Kwon for using counterfeit travel documents. Kwon remains unrestricted within Montenegro, pending decision on extradition requests from both South Korea and US, where he faces criminal charges for alleged fraud and deceiving investors during the company's 2022 collapse.
The High Court of Montenegro in Podgorica has reportedly put the question of Terraform Labs co-founder Do Kwon's extradition to either the United States or South Korea to the country's justice minister. A report from April 10 by the Montenegrin media outlet Vijesti stated that Justice Minister Andrej Milović will make the final call on Kwon's extradition and its destination. This decision follows the approval by Montenegro's Supreme Court for a protection of legality against an earlier court decision that would have acquiesced to his extradition to South Korea.
Kwon was detained in Montenegro in March 2023 after using counterfeit travel documents in an attempt to exit the country. While courts consider the issue of extradition to either the U.S. or South Korea, where he faces criminal charges, Kwon is currently allowed to travel unfettered within Montenegro.
Terraform and its co-founder, Kwon, were implicated in fraudulent activities and deceiving investors during the platform's meltdown in May 2022. The U.S. Securities and Exchange Commission instigated a civil case where a jury declared the company and Kwon culpable for deception on April 5. The co-founder of Terraform Labs could confront criminal charges in both countries.
Related: Terraform Labs was ‘erected on fabrications’ — SEC during the trial.
As Kwon's case gets handed from one court to another in Montenegro, his legal representation continues to lodge procedural appeals and motions. Whether an appeal to the ruling on April 10 was part of the legal team's strategy remains uncertain.
Previously in February, Terraform Labs' ex-Chief Financial Officer, Han Chang-joon, who was arrested alongside Kwon in Montenegro, was extradited to South Korea. Additional individuals associated with Terraform, including co-founder Hyun-seong Shin, have also been indicted by South Korean authorities.
Magazine: Memecoins generate wealthy individuals, Terraform and Do Kwon answerable for deception, and more: Hodler’s Digest, March 31 – April 6.
Published At
4/11/2024 10:53:10 PM
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