Over the past few days, events in the case of the extradition of Terraform Labs founder Do Kwon have moved into overdrive. Following a ruling by the Supreme Court of Montenegro favoring his extradition to South Korea, the United States is continuing to press on with its efforts to secure Kwon’s extradition.
Battle Over Extradition Of Do Kwon Continues
South Korean authorities have been vigorously pursuing Do Kwon’s extradition following a pivotal legal decision in Montenegro. Kwon managed to appeal successfully against extradition to the United States, with the Montenegrin court recognizing that South Korea’s request for extradition was submitted prior to that of the US.
In light of this, the South Korean National Police Agency sought support from the International Criminal Police Organization (Interpol) to expedite the extradition process.
The saga took a further twist when a high court in Podgorica ordered Do Kwon’s extradition to South Korea yesterday, overturning a previous court decision that had favored extradition to the United States. This decision was based on a thorough review, highlighting “significant violations of the provisions of criminal procedure.”
Despite this setback, the United States remains undeterred in its pursuit. The US Justice Department issued a statement on March 7, affirming its commitment to seeking Kwon’s extradition in compliance with international, bilateral agreements, and Montenegrin law.
“The United States continues to seek Do Kwon’s extradition in accordance with relevant international and bilateral agreements and Montenegrin law. The United States appreciates the cooperation of the Montenegrin authorities in ensuring that all individuals are subject to the rule of law,” the US Justice Department said.
USA Vs. South Korea
Notably, the battle over Kwon’s extradition has been ongoing since March 2023, with both South Korea and the United States vying for the right to prosecute him. Do Kwon, the CEO of Terraform Labs, faces charges in both countries stemming from the catastrophic $40 billion collapse of the Terra ecosystem.
In the United States, he is charged with fraud, security law violations and market manipulation, while South Korea accuses him of fraud and violations of capital markets law.
Following a February 21 ruling by the High Court in Podgorica, Kwon was initially set to be extradited to the United States. However, the Montenegro Appeals Court later identified procedural violations and reversed the decision, aligning Kwon’s extradition path with South Korea.
Montenegrin law permits the United States to appeal the decision to the Supreme Court of Montenegro, the highest judicial authority in the country. Kwon’s legal team has indicated a preference for extradition to South Korea, where he is closer to his family and reportedly faces up to a 40-year prison sentence.
At press time, Terra Luna Classic (LUNC) traded at $0.000194855.
Featured image from Yonhap News Agency, chart from TradingView.com
