New Development in the Extradition Process of Terra Founder Do Kwon

The legal team of former cryptocurrency entrepreneur Do Kwon is preparing to appeal a recent court decision in Montenegro. The court had ordered the Do Kwon to be extradited to the US on fraud charges in South Korea, but this decision is being challenged.

Goran Rodic, the lawyer representing Kwon, said he believes that the “illegal decision” will not be upheld by the Court of Appeals, citing the annulment of two previous rulings. The ongoing legal battle has seen conflicting rulings from two different courts in the Montenegrin capital Podgorica.

The latest ruling by the Supreme Court on Wednesday upheld Kwon’s extradition to the United States while rejecting South Korea’s request. Rodic plans to appeal, criticizing the court for failing to verify the facts. More details will be presented in the upcoming appeal, Rodic said.

Kwon and his partner Han Chang-joon were arrested in Montenegro about a year ago while trying to travel on fake passports. Both men face charges from the US and South Korea linked to the collapse of the TerraUSD stablecoin in 2022. This event wiped out at least $40 billion in investor assets and triggered a downturn in the crypto market. Earlier this month, Montenegro extradited Han Chang-joon to South Korea.

Kwon received a local sentence in Montenegro for using fake travel documents and is being held in extradition custody. Authorities are still deciding which country to extradite Kwon to. In December, an appeals court in Podgorica overturned a previous Supreme Court ruling that allowed extradition to the US or South Korea.

Final approval of extradition rests with Montenegro’s Minister of Justice. A source close to the matter said that the government is inclined to approve extradition to the US. But the decision has not yet been made public.