In an unexpected twist, the Appeals Court in Montenegro has said no to an earlier decision by a top court in the country that gave the green light for Terraform Labs founder Do Kwon to be sent to either South Korea or the United States.
The Appeals Court in Montenegro has canceled the High Court of Podgorica’s approval to send Do Kwon, the crypto entrepreneur, back. According to the official statement on December 19, the Appellate Court pointed out problems in the legal steps, particularly the High Court’s decision lacking clear reasons and facts.
Extradition Decision Overturned for Terra-Luna Founder Do Kwon in Montenegro
In a recent development, the Appellate Court in Montenegro has overturned the November 2023 decision of the Podgorica High Court regarding the extradition of Do Kwon, the founder of Terraform Labs, to the U.S. or South Korea. The High Court had deemed the legal requirements for extradition met, leaving the final decision to Montenegro’s Justice Minister Andrej Milovic.
The Appellate Court’s ruling suggests that Do Kwon’s defense successfully appealed the decision, citing a failure in the legal process. The investigating judge apparently did not inform Kwon of the reasons and evidence behind the U.S. extradition request, denying him the opportunity to present his defense, as required by law. As a result, the apex court has instructed a retrial at the Podgorica Basic Court.
Currently serving a four-month sentence in Montenegro for document forgery, Do Kwon faces charges in both his home country and the U.S. for his alleged role in the collapse of Terra’s algorithmic stablecoin TerraUSD (UST) and the platform’s native asset LUNA in May 2022. The U.S. Securities and Exchange Commission (SEC) has accused Kwon of orchestrating a fraudulent scheme that caused a significant loss of over $40 billion in the crypto market within days.
Amidst speculation of Montenegro’s intention to extradite Kwon to the U.S., recent reports indicated that his detention in Montenegro was extended at the request of South Korea and the U.S. Bloomberg reported that this extension was granted after Kwon’s legal team filed an appeal against the extradition ruling. Originally set to end on December 15, his detention period has now been extended to February 15, 2024.
Important:Â 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.
Â
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
