The Montenegro Court of Appeal has rejected the US request to extradite former Terraform Labs (TFL) CEO Do Kwon, ordering him to be sent to South Korea. This decision confirms the verdict of the Podgorica High Court in June.
In November 2023, the High Court approved Do Kwon's extradition, giving the justice minister the right to choose the country, but the appeal court overturned this as contrary to the law. In February 2024, the High Court again ordered his extradition at the request of the US, but this decision was also overturned.
Do Kwon was arrested in Montenegro on March 23, 2023, while attempting to fly to Dubai using false passports. In April, he was found guilty of fraud in the Southern District of New York. He faces numerous charges in South Korea, including violating capital markets laws.
He was released from a Montenegro prison after serving his sentence for attempting to cross the border with false documents. His colleague, Han Chang-jung, was extradited to South Korea in February.
