- The ongoing legal battles faced by Do Kwon, the former CEO of Terraform Labs, as he attempts to evade extradition to South Korea.
- Despite previous successful appeals against extradition to the U.S., Kwon now faces the finality of extradition to South Korea, as affirmed by the Montenegro appeals court.
A Montenegro appeals court has upheld a prior ruling permitting the extradition of Do Kwon, the founder of Terraform Labs, to South Korea. This decision, outlined in an official notice on Wednesday, signifies the finality of the extradition process, with no further avenues for appeal available to either Kwon or the United States.
Earlier this month, a high court in Montenegro had granted approval for Kwon’s extradition to South Korea, where he faces criminal charges linked to the collapse of his crypto enterprise, Terra, in May 2022. Despite Kwon’s efforts to challenge this ruling through an appeal, Wednesday’s notice confirmed the rejection of his bid.
Kwon’s attorney, Goran Rodic, confirmed the conclusive nature of the extradition decision, highlighting the absence of a specific timeline for the extradition process. Notably, the U.S. Department of Justice, which is also seeking Kwon’s extradition, has expressed intentions to contest Montenegro’s decision to extradite him to South Korea.
Kwon, initially detained in Montenegro on charges related to falsified official documents, had previously succeeded in appealing extradition decisions to the U.S. However, the appeals court attributed the rejection of previous extradition decisions by the high court to legal inconsistencies in the approved extradition requests.
Despite this development, the U.S. Department of Justice has refrained from commenting on whether they will challenge the latest decision to extradite Kwon to South Korea, affirming their commitment to pursuing his extradition to the U.S.
The Fall of Do Kwon: From CEO to Facing Legal Battles
Kwon Do-Hyung, popularly known as Do Kwon, once held the position of co-founder and CEO at Terraform Labs, the entity behind the collapsed stablecoin TerraUSD and cryptocurrency Luna. However, the downfall of TerraUSD and Luna in May 2022, resulting in significant market capitalization losses, marked a dramatic turn in Kwon’s fortunes.
Facing legal repercussions from multiple jurisdictions, including South Korea, Singapore, and the United States, Kwon encountered further trouble when arrested in Montenegro in March 2023 for using falsified documents. Subsequently, a U.S. federal grand jury indicted him on eight charges, encompassing securities fraud, commodities fraud, wire fraud, and conspiracy.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
