Do Kwon’s extradition to South Korea delayed by Montenegrin court

The Supreme Court of Montenegro has issued a ruling that delays the extradition of Terraform Labs co-founder, Do Kwon, to his home country of South Korea. The court will first consider a request from prosecutors before making a final decision. The request pertains to the protection of legality surrounding a lower court’s decision to permit Kwon’s extradition. Prosecutors argue that an appellate court did not follow proper procedure when rejecting an appeal from Kwon’s legal team, stating that only Montenegro’s Supreme Court has the authority to make such a decision. Kwon, who is a South Korean citizen, appears to prefer extradition to his home country rather than the United States. He is facing criminal charges in both nations and has been in custody in Montenegro since his arrest in March 2023 for using forged travel documents. The authorities are currently considering multiple extradition requests. In the event that Kwon is extradited to the United States, he is expected to face eight felony charges related to fraud at Terraform Labs. In South Korea, he is indicted for fraud and violations of capital markets law. As of now, it remains uncertain which country, the U.S. or South Korea, will win the extradition battle. Han Chang-joon, the former chief financial officer of Terraform Labs, was also arrested in Montenegro alongside Kwon but was subsequently extradited to South Korea in February. In April 2023, South Korean authorities brought charges against several individuals associated with Terraform Labs, including co-founder Hyun-seong Shin.