Do Kwon to be Extradited to South Korea

The Court of Appeals in Montenegro rejected the US request for the extradition of former Terraform Labs (TFL) CEO Do Kwon, deciding instead to send him to South Korea.

This verdict by the Court of Appeals upholds the decision of the High Court of Podgorica, made at the end of June.

In November 2023, the latter approved the extradition of the former TFL head, giving Justice Minister Andrija Milović the option to choose the country. The appellate court overturned this decision, deeming it contrary to the law.

In February 2024, the High Court ruled to extradite the entrepreneur at the request of the US. This ruling was also overturned following an appeal. Kwon, a Korean citizen, sought extradition to his homeland.

On March 23, 2023, Montenegrin police arrested Kwon and former TFL CFO Han Chang-joon as they attempted to fly from Podgorica airport to Dubai using fake passports.

On April 5, a jury in the Southern District of New York found TFL and Do Kwon guilty of deceiving investors and securities fraud. The proceedings lasted nine days and were conducted in absentia.

In South Korea, Kwon faces numerous charges, including violations of capital markets law.

Earlier, it was reported that he was released from prison in Montenegro after serving a sentence for attempting to cross the border with forged documents.

Back in early February, Han Chang-joon was extradited to Korea.