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Extradition of Terraform Labs’ Do Kwon to South Korea Stalls

Finance Magnates

Cryptocoins News / Finance Magnates 30 Views

The extradition of Terraform Labs’ Co-Founder, Do Kwon, to South Korea has hit a roadblock as Montenegro’s Office of the Supreme State Prosecutor challenged against the court order yesterday (Thursday).

Another Twist in Do Kwon’s Extradition

The country’s top prosecutor argued that the High Court’s decision to extradite Kwon to South Korea instead of the United States was done in an “abbreviated proceeding” and exceeded the limits of the court’s reach. Interestingly, when hearing an appeal from Kwon's lawyers, an appellate court subsequently confirmed the decision to the High Court.

The Balkan country's prosecutors requested protection of legality before the Supreme Court to stop the extradition of Kwon to South Korea. The prosecutors argued that only the Supreme Court can decide in this case.

“The court, contrary to the law, conducted abbreviated, instead of regular proceedings and by exceeding the limits of its powers, made a decision on the extradition permit, which is the exclusive competence of the Minister of Justice,” the translated letter by the prosecutor stated.

The tussle came only a day after an appeal court rejected the plea to block the extradition of Kwon to South Korea where he would face “several criminal offenses.”

The US or South Korea?

However, the United States wants to extradite Kwon from Montenegro. The US prosecutors have filed eight charges against him and might proceed with prosecuting him even in his absence. Additionally, the US Securities and Exchange Commission has filed civil charges against both Terraform Labs and Kwon.

Following the collapse of the two Terraform Labs’ cryptocurrencies, TerraUSD and Luna, in 2022, Kwon disappeared from public view. The US and South Korean authorities blamed him for the wipeout of the crypto market, which reached almost $37 billion and later caused the collapse and bankruptcy of several other projects. Kwon was arrested last year in Montenegro while traveling with false documents.

Interestingly, other top associates from Terraform Labs, including the Co-Founder, Hyun-seong Shin, and the Chief Financial Officer, Han Chang-joon, were arrested with Kwon and were extradited to South Korea last month.

This article was written by Arnab Shome at
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