Montenegro to Release Do Kwon Amid Extradition Deliberations

The High Court of Podgorica has decided to release Do Kwon, co-founder of Terraform Labs (TFL), according to local publication Vijesti.

Darko Vukcevic, the prison warden in Spuž, informed Bloomberg that Kwon will be released on March 23 following the completion of his sentence for attempting to cross the border with forged documents.

Goran Radic, the lawyer for the former TFL head, also confirmed his release to the agency. Kwon’s passport will be confiscated to prevent him from leaving Montenegro.

Previously, the country’s Court of Appeal had ordered Kwon’s extradition to South Korea, but the Supreme State Prosecutor opposed it. Consequently, the extradition process has been postponed until all arguments are considered.

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.

In Korea, Kwon faces numerous charges, including violations of capital markets law. In the United States, he is involved in a fraud case led by the SEC and the New York Federal Prosecutor’s Office.

In November, the High Court approved the extradition of the former TFL head, giving Justice Minister Andrej 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 United States. This ruling was also overturned following an appeal. Korean citizen Kwon sought extradition to his homeland.

Earlier, the former TFL CFO was extradited to Korea in early February.