Do Kwon Extradition Approved by Montenegro Court

Do Kwon Extradition Approved by Montenegro Court – The ongoing story of Do Kwon, co-founder of Terraform Labs, progresses as a court in Montenegro grants approval for his extradition to South Korea or the United States. The final decision on Do Kwon’s extradition destination rests with Montenegro’s minister of justice.

The official statement on the court’s website, dated Nov. 24, outlines the legal criteria for Kwon’s extradition as determined by the High Court of Podgorica. While the court has sanctioned Kwon’s extradition to the U.S. or South Korea, the ultimate decision on this matter rests with Montenegro’s minister of justice, as mentioned in the announcement.

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Earlier, a Montenegro court handed Kwon a four-month jail term for attempting to use a counterfeit passport to escape to Dubai on a private jet. In June 2023, Kwon faced charges for trying to depart the country with a fraudulent Costa Rican passport. The court statement indicates that if the minister of justice approves the defendant’s final extradition, it will take place following the completion of the previously announced criminal sanction related to forged documents.

In March 2023, Kwon was detained in Montenegro in connection with the $40-billion Terra ecosystem collapse in May 2022. Following extradition requests from both the U.S. and South Korea, there were suggestions from prosecutors that the co-founder of Terraform Labs might face multiple sentences in both countries.

In the United States, Kwon is confronted with a civil lawsuit from the Securities and Exchange Commission for fraud, along with various criminal charges from the Justice Department related to the TerraUSD and LUNA collapse. If extradited to South Korea, he is said to potentially encounter a 40-year prison term in the country, where most of his alleged crimes took place.

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Montenegro’s highest court, as per recent reports, rejected Kwon’s appeal last week, compelling him to stay in custody. Online sources indicate that Kwon is presently held at Spuž prison, located near Podgorica, Montenegro’s capital, with a daily allowance of one hour outside. European officials have reportedly described the prison as confined and inadequately ventilated.

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