Montenegrin court overturns Do Kwon extradition ruling

The Montenegrin Court of Appeals отменил the extradition decision of Terraform Labs (TFL) co-founder Do Kwon to U.S. or South Korean authorities.

According to court documents, Kwon’s defense successfully appealed the ruling. The case was remanded for reconsideration.

In November, the High Court of Montenegro approved extradition of the former head of TFL, giving Minister of Justice Andrey Milović the option to select the country. At the time, authorities said that the legal conditions for the transfer of the former chief executive of Terra were fully satisfied.

Later, media reported that on the extradition issue Milovich was leaning toward the United States. In December, Do Kwon was kept in prison until February 15, 2024.

On March 23, Montenegrin police arrested Do Kwon and former Terraform Labs chief financial officer Han Chang-joon while attempting to fly from Podgorica airport to Dubai on forged passports.

The arrests followed requests from law enforcement authorities of the United States, South Korea and Singapore.

Back home, Do Kwon has been charged with numerous offenses, including breaches of securities laws.

In the United States, he is named in a fraud case being pursued by the SEC and the U.S. Attorney’s Office for the Southern District of New York.