The Montenegrin Constitutional Court denied Do Kwon's extradition appeal
Montenegro's Constitutional Court dismissed Do Kwon's appeal, co-founder of Terraform Labs and a key role in TerraUSD (UST) and Luna's failure.
Kwon's attempts to fight the proceedings were dashed by the court's December 24 judgment, which supported the Minister of Justice's extradition power.
Kwon appealed and challenged a Supreme Court verdict that blocked his transport to South Korea, delegating extradition decision to Justice Minister Bojan Božović.
The Constitutional Court rejected these petitions, allowing the Justice Minister to decide Kwon's destiny.
Local sources say Montenegro may extradite him to the US rather than South Korea, with experts citing national interests.
Kwon, suspected of triggering $34 billion in Terra-Luna crash damages, fled South Korea in 2022 and is under investigation.
After going via Singapore, the UAE, and Serbia, he was caught in Montenegro for forging a passport.
Despite the verdict, Kwon's lawyers will likely fight to prevent his extradition to the U.S., where he faces many counts.
Montenegro has been requested to speed up the procedure by South Korean officials, who fear human rights breaches.
Kwon's extradition timeframe is unknown, but the court's ruling has limited his legal choices.
They will also be permanently barred from trading “crypto asset securities,” including Terra tokens.
After the SEC proposed a $5.3 billion penalty, Terraform Labs argued for a $1 million maximum punishment.
On June 6, Kwon and Terraform Labs' lawyers accepted the SEC's amended settlement offer of $4.5 billion.
Kwon, who is in Montenegro awaiting extradition, did not attend the settlement trial.
Terraform Labs, under Chapter 11 bankruptcy, must meet the settlement's large financial commitments.
Terraform Labs' CEO, Chris Amani, said that the firm had $150 million in assets.
However, how the corporation will pay the settlement's large penalty is unknown.
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