Terraform Labs co-founder Do Kwon is now set to be released from prison in Montenegro; however, the South Korean will remain restricted to the borders of the European nation pending a fixed date for his extradition to his home country.
Do Kwon Serves Time In Montenegro, Awaits Extradition Decision
In March 2023, Do Kwon, alongside former Terraform CFO Han Chang-joon, was apprehended by local authorities in Montenegro for traveling with falsified documents. This development came as the crypto mogul was wanted by legal authorities in the US and South Korea for crimes of fraud following the crash of the prominent Terra ecosystem in 2022, which wiped out over $50 billion of users’ funds.
Do Kwon was given a four-month sentence in Montenegro for using a fake passport which eventually commenced in November 2023. According to local media Vijesti, this prison time has been served with the South Korean citizen set to be released on March 23, 2024.
However, an order from the High Court of Podgorica directing the seizure of Do Kwon’s valid travel documents will prevent the wanted crypto figure from leaving Montenegrin borders for the time being. This is quite unsurprising as Do Kwon is expected to be extradited to South Korea to face fraud allegations for his involvement in the Terra blockchain project.
The Asian nation had initially contested with the US for the custody of the former Terraform boss, with both parties filing extradition requests following Do Kwon’s arrest in Montenegro. After a series of court proceedings over the last few months, South Korea finally secured the custody of the Terra Luna founder on the basis of filing an extradition request earlier than the US. However, recent developments reveal the extradition process may be stalled for the time being.
Montenegro’s Apex Court Postpones Do Kwon’s Extradition Indefinitely
In an unexpected turnout, the Supreme Court of Montenegro has ordered a halt to the extradition of Do Kwon to South Korea pending its decision on a petition from the national prosecutors’ office.
On March 20, the Supreme State Prosecutor’s Office of Montenegro filed a request for protection of legality regarding the decision on the extradition request process by a lower court. The prosecutors argued there were procedural errors in the handling of the case by the appellate court.
Specifically, the prosecutors believe that the appellate court acted beyond its authority by rejecting an appeal from Kwon’s legal team, asserting that only Montenegro’s Supreme Court has the jurisdiction to make such legal decisions. Therefore, the Council of the Supreme Court will evaluate whether there were indeed procedural violations and whether the lower court’s decision regarding Kwon’s extradition was legally sound, which will determine if the approved transfer will follow through.
Total crypto market valued at $2.71 trillion on the hourly chart | Source: TOTAL chart on Tradingview.com
Featured image from Reuters ,chart from Tradingview
Be the first to comment