US Extradition of Do Kwon Reversed! 🎉🇲🇪🇺🇸

The Montenegro Court of Appeals Revokes Do Kwon’s Extradition to the U.S.

The Montenegro Court of Appeals has overturned the decision to extradite Do Kwon, co-founder of Terraform Labs, to the United States. The court accepted the appeal made by Kwon’s defense attorneys and annulled the previous ruling by the country’s High Court on February 20.

The Appeals Court cited issues in the extradition process, specifically highlighting the lack of clear reasoning and facts in the High Court’s decision regarding the order of extradition requests. This constituted sufficient grounds for revocation, as stated in a press release on Tuesday.

Previously, Do Kwon had successfully appealed against his extradition on December 14 and February 8, both with regards to potential extradition to either the United States or South Korea. However, the High Court once again determined that the extradition requests were valid, prompting Kwon to file another appeal.

This recent decision follows reports from local media on February 21 that the High Court had decided to extradite Kwon to the United States while rejecting South Korea’s request. As a result, the case will now be reconsidered by the first-instance court.

Terra Ecosystem Collapse and SEC Charges

The charges against Do Kwon stem from financial crimes related to the collapse of the Terra ecosystem in May 2022. This event led to a loss of approximately $40 billion in investor wealth within a few days.

Kwon was initially arrested in Montenegro in March of last year for using a fake passport in an attempt to leave the country. In November, he was sentenced to four months in prison for this offense.

Last week, it was reported that Do Kwon is likely to miss the start of his trial for fraud charges filed by the U.S. Securities and Exchange Commission on March 25 due to the delay in his extradition.

Hot Take: Montenegro Court of Appeals Overturns Do Kwon’s Extradition

The Montenegro Court of Appeals has made a significant decision by revoking the extradition of Do Kwon to the United States. This ruling comes after several appeals and conflicting decisions from the country’s High Court. Here are some key takeaways:

1. Extradition Process Issues

The Appeals Court highlighted issues in the extradition process, particularly the lack of clear reasoning and facts provided by the High Court.
This lack of clarity and justification constituted sufficient grounds for revocation.

2. Terra Ecosystem Collapse

The charges against Do Kwon are related to financial crimes associated with the collapse of the Terra ecosystem in May 2022.
This collapse resulted in a significant loss of investor wealth, estimated at around $40 billion, within a short period of time.

3. Previous Appeals and Rulings

Kwon had previously appealed against his potential extradition to either the United States or South Korea, successfully winning appeals on two separate occasions.
However, the High Court ultimately deemed the extradition requests valid, prompting Kwon to file another appeal.

4. Trial Delay

The delay in Kwon’s extradition is likely to result in him missing the start of his trial for fraud charges filed by the U.S. Securities and Exchange Commission.
The trial was scheduled to begin on March 25, but it is uncertain when Kwon will be extradited to the United States.

The Montenegro Court of Appeals’ decision to revoke Do Kwon’s extradition is a significant development in this ongoing legal battle. It highlights the importance of clear reasoning and factual basis in extradition decisions, ensuring a fair and just process.