In a surprising move, Montenegro’s Court of Appeal rejected the country’s high court’s previous decision to approve the extradition of Terraform Labs founder Do Kwon to South Korea or the United States.
Montenegro Court of Appeal cancels extradition approval for Do Kwon
Montenegro’s Court of Appeal has quashed the decision of the Podgorica High Court to approve the extradition of fallen cryptocurrency star Do Kwon.
According to an official statement on December 19, the Court of Appeal highlighted a number of problems with the legal process, in particular the lack of clear reasons and facts for the High Court's decision.
The Podgorica High Court ruled in November 2023 that the legal requirements for Kwon's extradition to the United States or South Korea had been met, with the final decision made by Montenegrin Justice Minister Andrej Milovic. . Tuesday's ruling showed Kwon's defense had successfully appealed the decision.
The appeals court invalidated the extradition decision because the investigating judge failed to inform Kwon of the grounds and evidence of the U.S. request and allow him to defend himself as required by law. The Supreme Court has ordered that the case be sent back to the Podgorica Lower Court for a retrial.
Do Kwon is currently serving a four-month sentence in Montenegro for forging documents. The disgraced cryptocurrency tycoon faces charges in his home country and the United States for his alleged role in the May 2022 debacle of Terra’s algorithmic stablecoin TerraUSD (UST) and the platform’s native asset LUNA. The U.S. Securities and Exchange Commission (SEC) accused Kwon of orchestrating a fraud scheme that wiped out more than $40 billion from the cryptocurrency market in a matter of days.
As previously reported, there are rumors that Montenegro plans to extradite Terra’s former CEO to the United States. The report cited anonymous people familiar with the incident discussed by Minister Milovic.
Bloomberg reported last week that Kwon’s detention in Montenegro was extended at the request of South Korea and the United States after his lawyers appealed the extradition ruling. His detention was originally scheduled to end on December 15, but was postponed to February 15, 2024. #Terra #Luna
