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Highlights
- The Supreme Court of Montenegro has delayed the extradition of Do Kwon, Terraform Labs co-founder, to South Korea.
- Prosecutors argue that the appellate court exceeded its authority, a matter now under the Supreme Court's consideration.
- Do Kwon, detained since March 2023 for using a fake passport, faces extradition requests from both the USA and South Korea.
The Supreme Court of Montenegro is withholding the extradition of Do Kwon, co-founder of Terraform Labs, to South Korea. On March 22, the decision was made after an aspirant legality claimed that this procedure falls outside the remit of the lower courts. The Montenegrin Supreme Court is now set to review a request that contests an appellate court’s decision, which had earlier dismissed an appeal from Kwon’s legal team.
The conflict fundamentally involves the issue of procedure infringement, represented by the claim that the appellate court inappropriately overrode the appealed decision. They say that the sole authority to make such an order belongs only to the Montenegrin Supreme Court. Due to this, there is an extra level of complication to the extradition case of Do Kwon, which is eventually reflected by further postponements of his transfer to South Korea.
Competing of Do Kwon Extradition Requests
Do Kwon, a South Korean national, has been arrested and detained in the custody of Montenegrin court authorities since March 2023. This circumstance was caused by his fake passport. Currently, two conflicting extradition requests have been issued, one from the USA and the other from South Korea; each request cites a specific list of charges in courts of different countries. Kwon himself has shared an opinion that the process of extradition to South Korea should be considered instead of to the USA.
In the case of the United States of America, Kwon has been hit with eight counts of felony charges, which alleges that he was the mastermind in the nuts and bolts of Terraform Labs fraud. These charges were brought in two different indictments in March 2023. In contrast, however, in South Korea, he is prosecuted for fraud and violation of the capital market’s law. The quandary of which country will eventually carry out the act of extradition is still unresolved.
Other Arrests and Charges
The case for Do Kwon is a constituent part of the probe into Terraform Labs. Moreover, Han Chang-joon, the former CFO of Terraform Labs, was also held accountable in Montenegro. Chang-joon was extradited to South Korea in February, where he will probably face charges spanning the extent of the company’s involvement.
At the end of April 2023, South Korean authorities passed judgment on the members of Terraform Labs. Among those indicted was co-founder Hyun-Seong Shin, indicating the extensive nature of the investigation into the company.
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