Do Kwon Secures Another Victory in Extradition Battle
Do Kwon, a cryptocurrency entrepreneur, has achieved another win in his fight against extradition. This week, a Montenegrin appeals court halted the process and called for further review of the case. The previous ruling upholding extradition was annulled due to “significant violations” and an “unclear” decision that lacked examination of case specifics. This is a significant victory for Kwon, who initially won an appeal in November 2022 but had it overturned in December.
Kwon Faces Charges Relating to TerraUSD Collapse
Kwon is facing criminal charges in both South Korea and the United States in connection with the collapse of the TerraUSD stablecoin and the broader Terra ecosystem in May 2022. Prosecutors allege that Kwon committed fraud by concealing weaknesses in TerraUSD’s design, resulting in the loss of billions of dollars for investors. Kwon denies these accusations and was detained in Montenegro while traveling with falsified paperwork.
Appellate Court Rules in Favor of Kwon
Kwon initially won an appeal in November 2022, citing insufficient basis for his extradition. However, the high court overturned this ruling in December and approved the extradition requests from the US and South Korea. Kwon’s lawyers argued that political pressure influenced the decision and that there was a lack of investigation into the specifics of the case. The recent appellate court ruling sided with Kwon, annulling the previous extradition approval due to “significant violations” in the legal process.
Kwon Buys More Time
The appellate court’s decision allows Kwon to stay in Montenegro for now, where he is currently serving a four-month sentence for traveling with false documentation. However, it does not eliminate the threat of extradition. Meanwhile, former Terraform Labs CFO Han Chang-Joon failed in his own court appeals and was extradited to South Korea this week. Prosecutors remain determined to bring Kwon to justice for what they see as one of the largest crypto fraud schemes in history.
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