The Montenegro Court dismisses Do Kwon’s extradition appeal, moving him closer to a potential trial in the US.
Montenegro’s Constitutional Court has dismissed an appeal by Do Kwon, the Korean cryptocurrency mogul. This decision closes another potential legal path for Kwon to avoid extradition. The court rejected in a unanimous decision the appeal on his extradition case.
Another hurdle, however, was overcome on Saturday. The Constitutional Court ruled on Saturday that there were legal issues with Kwon’s appeal. This means Montenegro’s justice minister will decide whether Kwon should go on trial in South Korea or the United States. Kwon, under the circumstances, seems more likely to end up in the United States. According to the justice ministry, that is because it has shown a preference for that option.
Montenegro Court Ruling Moves Do Kwon Closer to US Extradition
Kwon is wanted in South Korea and the U.S. He is charged in South Korea with the collapse of his cryptocurrency company, Terraform Labs. The same collapse has seen him investigated for and indicted for the same in the U.S. by numerous investors. It saw billions of dollars in losses due to the crash of Terraform Labs’ TerraUSD and Luna coins.
In March of 2023, Kwon was arrested in Montenegro. He had also traveled using a fake passport. The extradition process started after his arrest. But in August, Montenegro’s Supreme Court asked the process back to South Korea. The Supreme State Prosecutor’s Office appealed the ruling of a lower cite and thus the decision was taken. Kwon’s extradition to South Korea had previously been approved on appeal. The Supreme Court meanwhile suspended the case for review.
The U.S. government is charging Kwon and Terraform Labs in the meantime. After the company’s failure, they were accused in a lawsuit of fraud. Kwon, the lawsuit claims, defrauded investors out of as much as $40 billion. In New York recently a jury convicted Kwon and Terraform Labs of fraud. The United States Securities and Exchange Commission has been given a stronger role in that case in regulating the crypto industry.
Ultimately, Kwon’s extradition is now more likely after the Constitutional Court ruling. The final decision rests with Montenegro’s justice minister Lana Robnik. On the other hand, the future of Kwon remains a thing in the unknown, as the legal situation is still to be unfolded.
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