Key Points:
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.
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.
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