Montenegro’s High Court in Podgorica has reportedly granted the country’s justice minister the authority to decide whether Terraform Labs co-founder Do Kwon will be extradited to the United States or South Korea. According to a report from Montenegrin news outlet Vijesti on April 10, Justice Minister Andrej Milović will make the final determination on Kwon’s extradition and the country to which he will be sent. This decision comes after Montenegro’s Supreme Court approved a request to review the legality of a lower court’s decision that would have allowed Kwon’s extradition to South Korea.
In March 2023, Kwon was arrested in Montenegro for using falsified travel documents while attempting to leave the country. He is currently able to travel within Montenegro while the courts consider whether to grant extradition requests from the US or South Korea, both of which have pending criminal charges against him. Kwon and others at Terraform Labs are accused of fraud and deceiving investors during the company’s collapse in May 2022. On April 5, a civil case brought by the US Securities and Exchange Commission found the company and Kwon guilty of fraud. Kwon may also face criminal charges in the US and South Korea.
Kwon’s case in Montenegro has faced numerous legal challenges as his defense team continues to file motions and appeals regarding procedural matters. It is unclear if they intend to appeal the April 10 ruling as well. Han Chang-joon, Terraform Labs’ former chief financial officer who was arrested alongside Kwon in Montenegro, was extradited to South Korea in February. South Korean authorities have also indicted several individuals connected to Terraform, including co-founder Hyun-seong Shin.