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Montenegro’s Supreme Court has delayed the extradition of Do Kwon, the controversial founder of Terraform Labs, to South Korea. The decision follows a request for a legal review filed by the Supreme State Prosecutor’s Office on August 2. The office raised concerns about possible legal violations in previous court rulings that approved Kwon’s extradition.
Kwon, who faces charges in both South Korea and the United States related to an alleged $40 billion cryptocurrency fraud, has been embroiled in a legal tug-of-war between the two nations — and Montenegro.
The extradition decisions have been going back and forth for quite some time. In March 2023, Do Kwon was arrested in Montenegro for attempting to travel with forged documents. He received a four-month prison sentence, and multiple extradition requests from the U.S. and South Korea were made during that time.
The courts in Montenegro have issued multiple rulings regarding the extradition of Kwon. Initially, they ruled in favor of the U.S., but later, the decision was overturned in favor of South Korea. This change was influenced by South Korea’s earlier request and the serious charges against Kwon, which included fraud and bribery.
In March 2024, Montenegrin authorities approved the extradition of Kwon to South Korea. Kwon’s legal issues extend beyond extradition battles. In April 2024, a New York jury found him and his company liable for civil fraud, resulting in a $4.5 billion settlement with the SEC. Despite the settlement, U.S. authorities continue to pursue criminal charges.
The Supreme Court’s recent move to pause the extradition adds another layer of complexity to Kwon’s legal saga. His defense argues that altering the final decision is an abuse of legal procedures, highlighting inconsistencies in the Montenegrin judiciary’s handling of the case.
As the Supreme Court reviews the request, Kwon will remain in detention.
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