Terraform’s Do Kwon made a last-ditch effort not to betray: Report

Terraform Labs founder Do Kwon has launched his last-ditch effort to appeal a Montenegrin court's decision to extradite him from the country.

In a Dec. 6 report, local state media said Kwon's lawyers had appealed the Nov. 24 ruling from the Podgorica High Court, which approved Kwon's extradition to the United States or South Korea pending a final decision. Montenegrin Ministry of Justice.

The Ministry of Justice has now considered the appeal, re-examined the original extradition order and decided to give a final decision on the matter by December 15.

On November 24, the Supreme Court of Podgorica stated that Kwon would rather be extradited to South Korea than to the United States.

Kwon's lawyers first responded to an extradition request from the US on September 28, saying any attempt to extradite the embattled co-founder before October 13 was “impossible” due to his ongoing detention in Montenegro.

RELATED: Jury in Terraform Labs case won't decide whether crypto is a security – SEC

In the year On February 17, the US Securities and Exchange Commission charged both Terraform Labs and Kwon with “orchestrating a multi-billion dollar crypto-asset securities fraud.”

Today we indicted Singapore-based Terraform Labs PTE Limited and Do Hyeong Kwon for orchestrating a multi-billion dollar crypto asset securities fraud along with Algorithmically Stable Coin and other crypto asset securities.

— US Securities and Exchange Commission (@SECGov) February 16, 2023

Kwon and former Terraform Labs chief financial officer Han Chong-joon were arrested at Podgorica airport for traveling on forged travel documents while trying to travel to Dubai.

Kwon was extradited to Montenegro on June 15 and sentenced to six months in prison while the court decides whether to extradite him to the US or South Korea.

Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.