Terraform Labs Co-founder Do Kwon Faces Extradition Decision
The saga of Terraform Labs co-founder Do Kwon continues to unfold, with a court in Montenegro approving his extradition to either South Korea or the United States. The High Court of Podgorica has determined the legal requirements for Kwon’s extradition, according to an official statement posted on the court’s website on Nov. 24. The final decision on his extradition will be made by Montenegro’s minister of justice.
Kwon’s Legal Troubles and Extradition Possibilities
Kwon was arrested in Montenegro in March 2023 for his role in the $40-billion collapse of the Terra ecosystem in May 2022. As both the U.S. and South Korea subsequently requested Kwon’s extradition, some prosecutors suggested that the Terraform Labs co-founder could be subject to multiple sentences in both countries.
In the U.S., Kwon is facing a fraud-related civil lawsuit from the Securities and Exchange Commission alongside several criminal charges by the Justice Department over the collapse of TerraUSD and LUNA. If Kwon is extradited to South Korea, he could reportedly face a 40-year jail sentence in the country, where he allegedly committed most of his crimes.
Court Denies Appeal, Kwon Remains Imprisoned
Last week, Montenegro’s highest court reportedly denied Kwon’s appeal, forcing him to remain imprisoned. According to online reports, Kwon is currently being held at Spuž prison near the Montenegrin capital of Podgorica, where he is allowed to go outside for one hour daily. European officials reportedly said that the prison is cramped and poorly ventilated.
Hot Take: The Ongoing Legal Battle
The legal battle surrounding Do Kwon, co-founder of Terraform Labs, continues as a court in Montenegro approves his extradition to either South Korea or the United States. With the final decision on his extradition now in the hands of Montenegro’s minister of justice, Kwon’s future remains uncertain. Facing charges related to the collapse of the Terra ecosystem and potentially multiple sentences in both countries, Kwon’s legal troubles are far from over. As he remains imprisoned in Montenegro after an unsuccessful appeal, the outcome of this high-profile case will have significant implications for both Kwon and the cryptocurrency industry as a whole.
Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats.