Do Kwon's legal team has three days to appeal the ruling.

Terraform Labs co-founder Do Kwon faces a new legal setback after Montenegro’s Supreme Court once again approved his extradition.

The decision overturns the High Court's previous extradition ruling, reopening the process. The final decision now rests with Justice Minister Andrej Milovic, who previously expressed his willingness to extradite Do Kwon to the United States.

Do Kwon's extradition

According to a local report, the court's decision was based on satisfying legal requirements for extradition from both South Korea and the United States.

Although Do Kwon’s legal team still has the option to appeal within three days, reports indicate that there is a higher chance that Do Kwon will be extradited to the United States, given the attorney general’s previous statement in favor of the United States.

In an interview last November, Milovic indicated that the decision would be politically significant. Although he did not reveal a preference for either country, the minister stressed the importance of the United States as a major foreign policy ally. He was quoted as saying at the time:

"The United States is our main foreign policy partner. We hope to sign a bilateral extradition agreement as soon as possible to establish a legal framework for future extraditions."

Do Kwon was the co-founder of Terraform Labs who disappeared in April 2022, just before the company's closure.

He was later arrested in Montenegro for forging a passport in March 2023. After serving a four-month sentence, Do Kwon was released last month and transferred to a foreigners detention center.

A major blow

The latest decision is a huge blow to Do Kwon, who was seeking possible extradition to South Korea, where he could use his connections to get a more lenient sentence, something that would be less likely to happen if he were sent to the United States.

However, US prosecutors have been determined to prosecute the disgraced founder for his involvement in the collapse of the $40 billion Terra ecosystem.

Recently, a seven-member New York jury ruled against Kwon and Terraform in a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) last year. The lawsuit centered on Kwon and Terraform’s claim that Chai, a popular South Korean payment app, used its blockchain network to conduct transactions. The jury also concluded that Kwon and his company misled investors about the stability of UST.#DoKwon  #引渡