Do Kwon, co-founder of Terraform Labs, has initiated his final appeal against a Montenegrin court’s ruling that could lead to his extradition from the country.
On December 6, local state media reported that Kwon’s legal team had formally contested the November 24 decision of the High Court of Podgorica. This ruling had sanctioned Kwon’s potential extradition to either the United States or South Korea, pending a conclusive determination by Montenegro’s Ministry of Justice.
The Ministry is now tasked with reviewing the appeal and reassessing the initial extradition directive. A definitive verdict on the issue is expected by December 15.
As per the High Court of Podgorica’s statement on November 24, Kwon indicated his preference for extradition to South Korea over the United States. Kwon’s attorneys initially challenged the U.S. extradition requests on September 28, arguing that any deportation efforts prior to October 13 would be “impossible” due to Kwon’s ongoing detention in Montenegro.
On February 17, the U.S. Securities and Exchange Commission filed a lawsuit against both Terraform Labs and Kwon, accusing them of conducting a multi-billion-dollar crypto asset securities fraud. Kwon, along with Terraform Labs’ former chief financial officer Han Chong-joon, was arrested on March 23 at Podgorica airport for using forged travel documents while trying to fly to Dubai.
Subsequently, Kwon was placed in extradition custody in Montenegro on June 15, with a six-month imprisonment order as the court deliberated on his extradition to either the U.S. or South Korea.
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