Terraform Labs founder Do Kwon has appealed against a Montenegrin court’s extradition ruling, seeking to be sent to South Korea instead of the United States. His legal team argues against the court’s decision, pointing to flawed legal interpretations and raising concerns about potential political influence.

Do Kwon, co-founder of cryptocurrency firm Terraform Labs, faces extradition requests from both South Korea and the United States. His lawyers have filed an appeal against a ruling by the Podgorica High Court that approved his extradition to both countries. 

Kwon’s legal team claim the court’s interpretation of legal provisions is “flawed and questionable,” suggesting that external factors might have influenced the Court’s decision.

This legal battle is getting more complex as days go by, involving extradition treatises between 3 countries, and multiple jurisdictions. Kwon’s legal representatives insist on an objective assessment of the case to ensure a fair outcome. Meanwhile, the final decision on Kwon’s extradition awaits further rulings from the judiciary and Montenegro’s justice minister.

Supreme Court Reversal of High Court’s “Unfounded and illegal” ruling 

Catching up with a recent development, Montenegro’s Supreme Court overturned a previous decision of the Podgorica High Court seeking to extradite Do Kwon to South Korea. This reversal came after prosecutors appealed, citing procedural irregularities in the handling of the extradition request. 

The Supreme Court while setting aside the decision held the need for maintaining transparency throughout the extradition decision case. 

Kwon’s legal team has vigorously appealed against his extradition to the United States, aiming for extradition to South Korea, where he might receive a lighter sentence. The legal team claims the Podgorica High Court’s ruling was “unfounded and illegal,” with interpretations of legal provisions perceived as bizarre in attempts to satisfy the wishes of Montenegro’s justice minister, Andrej Milovic.

Milovic has publicly expressed a preference to extradite Kwon to the United States, suggesting that political considerations may influence Kwon’s ultimate fate. 

Moreover, this reversal indicates the intricacies involved when competing interests and multiple jurisdictions are in play. The ruling’s implications are expected to be closely watched as they could influence the outcome of Kwon’s extradition.

SEC Seeks Hefty Penalties

Back in the Unites States, where the trial against Terraform Labs and Do Kwon has already completed and the order has been passed in the absence of Do Kwon, he U.S. Securities and Exchange Commission (SEC) seeks over $5 billion in fines and penalties against Do Kwon and Terraform Labs. This hefty demand stems from a civil fraud trial in New York and includes nearly $4.7 billion in disgorgement following the Terra-Luna case. 

Kwon would also be required to forfeit $100 million of his own money in civil penalties, while Terraform Labs would pay $420 million. These severe penalties further complicate Kwon’s legal battle and highlight the gravity of his legal troubles.

All in all, 

As the appeal process unfolds, the outcome remains uncertain, with significant implications for Kwon and his cryptocurrency firm, Terraform Labs. Political influence, legal interpretations, and the potential for severe penalties in the United States complicate the extradition process.


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