United States prosecutors intend to challenge the recent ruling by the Montenegrin high court, which has put Terraform Labs’ Do Kwon on a trajectory for extradition to South Korea.
The U.S. Department of Justice (DOJ) informed Bloomberg of its commitment to pursuing Kwon’s extradition in accordance with relevant international and bilateral agreements, as well as Montenegrin law.
South Korea and the U.S. filed extradition requests for Kwon in March 2023. However, disputes arose over the order of extradition, leading to ongoing legal battles.
The Montenegro Appeals Court overturned the lower court’s ruling due to “significant violations of criminal procedure,” redirecting Kwon’s extradition trajectory towards South Korea.
The U.S. may appeal to the Supreme Court of Montenegro, the highest court in the country, to contest the latest ruling.
Kwon faces eight charges in the U.S., including fraud and market manipulation, relating to the $40-billion collapse of the Terra ecosystem. In South Korea, he is accused of fraud and breaches of capital markets law.
Kwon’s lawyers indicate his preference for extradition to South Korea to be closer to his family, despite facing a 40-year prison term there.
South Korean prosecutors issued an arrest warrant for Kwon in September 2022. He was apprehended in March 2023 by Montenegrin authorities for traveling with a counterfeit Costa Rican passport.
Following a period on bail and imprisonment over the passport incident, Kwon was moved to extradition custody, awaiting further legal proceedings.
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