Do Kwon Extradition Case Now Set for Trial in 2025

Key Points:

• Montenegro has agreed to Do Kwon extradition to the US after a lengthy legal battle over competing extradition requests from the US and South Korea.
• Kwon faces charges from the SEC for misleading investors about the stability of the TerraUSD stablecoin, which led to a $40 billion collapse in the cryptocurrency market.

Montenegro has paved the way for the co-founder of Terraform Labs Do Kwon extradition to the United States, paving the way for possible closure to the long dispute between competing extradition requests from the US and South Korea.

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Montenegro Greenlights Do Kwon Extradition to US

Kwon, accused of fraud related to the $40 billion implosion of the TerraUSD stablecoin, was arrested in March 2023 as he tried to leave Montenegro.

The US and South Korea were seeking the Do Kwon extradition, accused of misleading investors and inflicting heavy losses in world cryptocurrency markets.

The trial has been dragged on for more than 18 months now amidst tussles created by the lack of extradition treaties between Montenegro and either of the two countries. The issue was being fought in local courts, where Kwon’s legal team claimed his fundamental rights had been breached on account of delays in the judicial process.

Kwon’s Legal Team Appeals Against Extradition Process

The Constitutional Court of Montenegro has recently rejected an appeal by Do Kwon against the extradition process. It found that the legal conditions were met for his transfer to the US. The lawyers of Kwon claimed that such a delay in making the decision was a violation of his right to defence.

The crypto mogul faces severe charges in the US, including those filed by the Securities and Exchange Commission in February 2023.

The SEC case accuses Kwon and Terraform Labs of misrepresenting to investors the stability of TerraUSD and the use of blockchain technology in a popular Korean mobile payment application. Kwon was fined $4.5 billion by a US court in June after failing to settle the case, in addition to the SEC lawsuit.