Do Kwon’s final appeal to have his incarceration in a Montenegrin prison revoked was rejected by the High Court, leaving Terra’s former CEO to await extradition rather than gain his freedom.
The High Court in Podgorica rejected Do Kwon’s appeal to overturn a prison sentence handed down against him by a lower court in the Montenegrin capital.
According to documents filed on Nov. 16, Montenegrin criminal code was properly applied when Terra’s founder was sentenced to four months in prison for forging a Costa Rican passport. The decision is final and cannot be appealed, meaning Kwon must remain in prison awaiting an extradition decision.
Kwon, a one-time cryptocurrency billionaire, was arrested at the airport in March 2023 for possessing forged travel documents. Kwon was detained along with Han Chang-Joon, another former Terraform Labs executive, and both were sent to prison after trial.
Terra's founder testified that, to his knowledge, the documents were legitimate and that his travel agency was responsible.
The two were reportedly arrested by authorities as they were about to board a private flight to Dubai. The Terra creator, who is wanted by Interpol, had been hiding in neighboring Serbia for nearly six months before his arrest, living off a stash of Bitcoin and Swiss bank accounts.
Kwon is now being held in Spezia prison alongside mafia suspects and gang members, awaiting possible extradition to South Korea or the United States, where he faces a criminal case stemming from Terra’s collapse in May 2022. Montenegrin authorities extended Kwon’s sentence by at least six months until a decision is made on his extradition.
The U.S. Securities and Exchange Commission (SEC) filed charges against Kwon and asked for summary judgment. Kwon’s lawyers dismissed the allegations as untrue and urged the U.S. court to dismiss the SEC’s subpoena.
Terra names Chris Amani as new CEO, hoping to distance itself from turbulent times. #Terra #DoKwon
