A court in Montenegro has stopped the process of sending Do Kwon, the co-founder of Terraform Labs, back to the U.S. This decision marks the third successful appeal made by Kwon to block his extradition.
The Court of Appeals in Montenegro has canceled the extradition of Do Kwon to the U.S. This decision came after Kwon’s defense attorneys appealed against the earlier ruling made by the country’s High Court on February 20.
Do Kwon’s Extradition Order Revoked by Montenegro Appeals Court
The extradition case of Do Kwon faced a significant setback as the Appeals Court in Montenegro nullified the extradition order due to procedural issues. The court cited a lack of clear reasoning and factual basis in the decision made by the High Court, prompting the revocation of the order, according to a recent announcement.
This decision marks the third successful appeal by Do Kwon’s defense team against extradition requests to either the U.S. or South Korea. Despite previous rulings that validated the extradition requests, Kwon’s legal representatives persisted with their appeals, ultimately leading to the latest decision.
Recent reports from local media on February 21 suggested that the High Court had ruled in favor of extraditing Kwon to the U.S. while rejecting South Korea’s extradition request. However, with the latest decision by the Appeals Court, the case is now set to return to the first-instance court for reconsideration.
Delay in Do Kwon’s Extradition Affects SEC Fraud Trial
Do Kwon, facing charges related to financial crimes in both the U.S. and South Korea, has encountered delays in his extradition process. These charges stem from the collapse of the Terra ecosystem in May 2022, resulting in the loss of approximately $40 billion in investor wealth within a few days.
Initially arrested in Montenegro last March for using a fake passport in an attempt to leave the country, Do Kwon was sentenced to four months in November.
However, with the extradition order revoked by the Montenegro Appeals Court, Do Kwon’s extradition to face charges in the U.S. and South Korea faces further delays. Consequently, he is expected to miss the start of his U.S. Securities and Exchange Commission (SEC) fraud trial scheduled for March 25.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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