Montenegro High Court May Extradite Do Kwon to South Korea After Appeal – Report

The High Court in Podgorica, Montenegro has ruled that Do Kwon, the founder and former CEO of Terraform Labs, should be extradited to his native South Korea instead of the United States, various media reported. The decision is still subject to appeal.

An appeals court overturned the Supreme Court's earlier March 5 decision to extradite Kwon to the United States, citing “violations of serious criminal procedure provisions.”

South Korea made a request for extradition in March 2023, which was initially rejected in response to a US request made two days earlier. Kwon has been in custody in Montenegro since his arrest at Podgorica airport.

According to the Wall Street Journal, Montenegrin officials received a tip a day before the flight that Kwon was due to be in the country.

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According to The WSJ, Kwon said he wants to be extradited to South Korea and wants to be closer to his family. The lawyers question the validity of the agreement allowing Kwon's extradition to the United States. Kwon is reportedly facing 40 years in prison in South Korea.

Kwon's lawyers have asked for the trial in the US to be delayed until he can be extradited to that country. The U.S. Securities and Exchange Commission accepted that request, requesting that the U.S. trial be delayed until at least March 18. The SEC is suing both Terraform Labs and Kwon in the complaint.

Terraform Labs Chief Financial Officer Han Chang-jun was arrested at the airport along with Kwon and extradited to South Korea in February.

Terraform Labs filed for Chapter 11 bankruptcy in the US on January 21. The Terra Stable Coin Issuer and LUNA Management Token will launch in May 2022. Kwon was not seen after the fall until he was arrested in Montenegro, although he maintains a social media presence, with over 1 million followers on X (and then Twitter).

After leaving South Korea and starting a consulting business, Kwon and Han were reportedly living in Serbia despite Interpol issuing a “red notice” to Kwon.

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