A Montenegrin court has revoked a license granted to Do Koon.

A Montenegrin court has canceled the extradition of Terraform Labs co-founder Do Kwon to the United States or South Korea.

On December 14, the Montenegrin Court of Appeals decided to overturn the Podgorica High Court's decision to approve Kwon's extradition to the US or South Korea, according to a December 19 official announcement.

Podgorica's High Court previously ruled on the legal requirements for Kwon's extradition in November 2023, leaving the final decision to Montenegro's justice minister.

According to the final decision of the Court of Appeal, Kwon's defense successfully appealed the decision and the case must be returned to the Basic Court of Podgorica for retrial.

A panel of the Court of Appeals assessed that the earlier decision by the High Court of Podgorica was vitiated by “gross violations” of Montenegro's Criminal Procedure Code. The final statement reads:

“[…] The violation was reasonably appealed by the defendant's attorneys, because the decision lacked reasons for material facts and the stated reasons were not clear, which is why it was reversed.

Kwon is the co-founder and former CEO of Terraform Labs, best known for the Terra stablecoin and its associated Luna token, which collapsed in May 2022. Terraform Labs and its co-founder Quon orchestrated a fraud that cost at least $40 billion in market value.

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Kwon was arrested in Montenegro in March 2023 after trying to use forged travel documents to leave the country. The US and South Korea have since requested Kwon's extradition, and some prosecutors have indicated that the Terraform Labs founder could face multiple convictions in both countries.

Another Terraform co-founder, Daniel Shin, has been accused of defrauding investors. In 2010, Shin He argued that he left Terraform in 2020 for “business reasons” and had nothing to do with the collapse in an October 2023 hearing at the Seoul Southern District Court in South Korea.

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