Montenegro court clears Do Kwon’s extradition, fate in justice minister’s hands Montenegro court clears Do Kwon’s extradition, fate in justice minister’s hands
Montenegro's justice minister reportedly favors extraditing Kwon to the United States.
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Updated: Apr. 11, 2024 at 6:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
According to South Korean local media outlet YNA, a Montenegro court has again approved the extradition of the embattled Terraform Labs co-founder Do Kwon.
This development occurred less than a week after the Supreme Court of Montenegro invalidated a ruling recommending Kwon’s extradition to South Korea. The court cited procedural flaws and mandated a thorough reevaluation of the case.
The Supreme Court ruled that the decision on Kwon’s final destination falls under the jurisdiction of the Justice Minister, Andrei Milovic, rather than the Podgorica Court, which was tasked with only confirming the extradition request’s compliance with standards.
In the case retrial, the Podgorica High Court in Montenegro confirmed that the legal requirements for Kwon’s extradition to either South Korea or the United States had been met.
Where will Kwon be deported to?
Kwon’s fate now lies in Milovic’s hands. The government official favors extraditing him to the United States, but the embattled crypto executive prefers returning to his home country.
Milovic has not made any public pronouncements about his decision
Meanwhile, Kwon became an international fugitive in 2022 following the shock collapse of his firm’s algorithmic stablecoin UST, which wiped over $40 billion from the crypto market. This event sparked accusations of fraud, prompting legal actions against him and his associates across several nations, including the US and South Korea.
Over the past year, Kwon has been in Montenegrin custody following his arrest and imprisonment for attempting to use fake travel documents in the Balkan country.
Recently, a Manhattan jury found Kwon and his bankrupt crypto company Terraform Labs guilty of defrauding investors who suffered substantial losses during the TerraLUNA collapse. Terraform Labs intends to contest the verdict.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.