Montenegro's appeals court upheld the extradition of Terraform Labs founder Do Kwon to South Korea.
The August 1 ruling marks the conclusion of a protracted legal saga that has included multiple appeals and reversals of justice.
The Court of Appeal upheld the decision of the High Court in Podgorica on June 28. The court's ruling is based on the provisions of the Montenegrin law on international legal assistance in criminal matters.
The high court had earlier allowed Kwon's speedy extradition to South Korea to face multiple criminal charges.
However, while the US has sought Kwon for critical legal proceedings, it has rejected a request for an expedited extradition.
The ruling states that the High Court in Podgorica has correctly determined that the legal requirements for extradition to South Korea and the United States have been met.
However, the court pre-empted South Korea's request based on the order in which the extradition requests were received and other criteria listed in Article 26 of the Montenegrin Code of International Legal Assistance in Criminal Matters.
The decision follows a series of legal battles and appeals over Kwon's extradition. It could be the final word, ending months of speculation that Kwon could be sued by the United States or South Korea.
The lawsuit against Do Kwon attracted international attention in May 2022 due to the collapse of Terraform Labs and its associated cryptocurrencies, TerraUSD and Luna.
The fallout from this incident has reverberated through the crypto industry and has led to numerous investigations and legal actions in various jurisdictions.
In the year In April 2024, a US court found Terraform Labs and Do Quon guilty of fraud in a lawsuit filed by the US Securities and Exchange Commission (SEC).
The verdict included six charges, including knowingly misleading investors and misappropriating customer funds.
Edited by Stacy Elliott.
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