The extradition of Kwon Do-hyung, also known as Do Kwon, from Montenegro to South Korea has been postponed once again. This decision was made by the Supreme Court of Montenegro yesterday (Thursday). The court will review the legality of the extradition request from South Korea before making a final decision, expected early next week.
Legal Battle Continues
Last Thursday, an appeals court upheld a previous ruling to extradite Kwon to South Korea, as reported by Finance Magnates. This decision rejected a request to extradite him to the United States instead. The appeals court's ruling confirmed an earlier decision by a lower court.
Kwon has been involved in a lengthy legal battle over his extradition. The South Korean charges against him are not publicly known, but US prosecutors have charged him with fraud.
????UPDATE: Do Kwon's extradition from Montenegro faces another delay. The saga continues for the Terra co-founder. pic.twitter.com/2DgP15Bs9l
— Paweł Łaskarzewski (@PawelSynapse) August 8, 2024
Kwon, known for Terraform Labs, saw his project’s cryptocurrencies, TerraUSD and Luna, collapse in 2022, erasing about $37 billion in value. The collapse led to the downfall of other crypto firms.
In June, Kwon and Terraform Labs settled with the SEC for $4.5 billion, including $204.3 million from Kwon personally. Initially, the SEC sought $5.3 billion. Terraform Labs, which declared bankruptcy earlier this year, reported liabilities and assets between $100 million and $500 million.
Supreme Court Suspends Extradition
Kwon and an associate were arrested last year while traveling with fake documents. Although Montenegro's lower court had ordered his extradition, the Supreme Court suspended this decision after the top prosecutor in Montenegro raised concerns about procedural errors. Kwon was subsequently released on bail.
The Supreme Court had previously annulled Kwon's extradition to South Korea after similar objections from the prosecution. The case was then sent back to a lower court for further review.
This article was written by Tareq Sikder at www.financemagnates.com.
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