The founder of Terraform Labs, Do Kwon, encountered another legal hurdle as Montenegro’s highest court granted approval for his extradition once more.
This decision overturns the previous extradition ruling made by the High Court, starting the process anew. The ultimate say now belongs to Justice Minister Andrej Milovic, who earlier showed a inclination towards granting extradition to the United States.
Do Kwon’s Extradition
Based on a local news article, the court made its ruling according to the laws necessitating extradition to each of South Korea and the United States.
If Kwon’s lawyers have until tomorrow to file an appeal, it’s likely that he may be sent to the United States for trial instead. The Minister of Justice has previously expressed support for cooperating with American requests for extradition.
Last November in an interview, Milovic stated that the upcoming decision would hold political weight. While he didn’t express a clear favoritism towards any particular country, the minister underlined the significance of the United States as a major partner in foreign policy matters. He was reported to have remarked, “The US is an essential ally in our foreign policy.”
“Our closest collaborator on international affairs is the United States. We’re eager to finalize a two-party extradition treaty at the earliest opportunity, which will establish a clear pathway for future extradition processes.”
Kwon, a co-founder of Terraform Labs, disappeared in April 2022, just before the company collapsed.
In March 2023, Kwon was apprehended in Montenegro and charged with creating false passports. Following a four-month imprisonment, he was freed last month and relocated to a facility for foreign offenders.
Big Blow
Kwon is disappointed by the recent turn of events since this decision makes it harder for him to seek a lenient sentence in South Korea through his networks, an advantage that may not be available if he gets extradited to the United States instead.
Despite this, American prosecutors remain committed to bringing charges against the disgraced founder due to his role in the $40 billion failure of the Terra system.
More recently, a New York court, with seven jurors, made a decision against Kwon and Terraform in a case initiated by the Securities and Exchange Commission (SEC) last year. The focus of this legal dispute was Kwon and Terraform’s assertion that Chai, a widely-used Korean payment app, relied on its blockchain network for transactions. Additionally, the jury determined that Kwon and his organization had deceived investors regarding the reliability of UST.
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2024-04-12 21:32