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News

Do Kwon Extradition To The US Is Now Postponed

March 5, 2024 - Around 2 mins mins to read

Key Points:

  • Montenegrin court blocks Terra co-founder Do Kwon extradition to the US, citing procedural issues.
  • Kwon’s appeal against fraud charges tied to Terra’s losses gains traction.
  • The legal saga continues with the case returning to lower courts, raising speculation over US lawsuits.
Imprisoned Terra co-founder Do Kwon celebrated a rare victory as the Montenegrin court overturned a previous decision to extradite him to the United States.
Do Kwon Extradition To The US Is Now Postponed

Montenegrin Court Halts Do Kwon Extradition

The Appellate Court of Montenegro reversed the Do Kwon extradition order, citing significant violations of criminal procedure during the legal proceedings. Kwon, facing fraud charges linked to Terra’s $60 billion loss in May 2022, had appealed against the extradition request to the U.S.

The court’s decision marks a significant turn in Kwon’s legal battle. Last month, the Court of Appeals overruled a previous ruling, which would have allowed the country’s justice minister to decide the Do Kwon extradition destination—either the U.S. or South Korea—sending the case back for retrial.

Legal Battle Enters Next Phase as Case Returns to Lower Courts

Kwon’s extradition saga began in March 2023, when the U.S. initially requested his extradition following his arrest at Podgorica Airport in Montenegro. Although the Supreme Court of Podgorica approved Do Kwon extradition to Korea or the US in November 2023, Kwon successfully appealed this decision, transferring the case back to the lower court for retrial.

In February 2024, the Supreme Court of Montenegro issued a decision to extradite Kwon to the U.S., a move believed by many to be advantageous for pending lawsuits by the U.S. Securities and Exchange Commission and Department of Justice against Kwon and Terraform Labs, which controls the Terra blockchain ecosystem.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.