A Montenegro court has ruled in favor of extraditing Terraform Labs co-founder Do Kwon to South Korea, as local media Vijesti reports. This decision overturns a previous ruling that favored his extradition to the United States, spotlighting the intricate web of legal challenges Do Kwon faces across multiple jurisdictions.
The decision by the high court in Podgorica came after a series of legal maneuvers, including an appeal by Do Kwon against his extradition to the U.S., which had initially been decided on Feb. 21. His defense argued that the legal process was flawed, leading the Montenegro Court of Appeals to revoke his U.S. extradition on March 5, according to The Block.
The twist in Do Kwon’s extradition saga underscores the global nature of the legal pursuit against him. Earlier on Thursday, South Korea’s National Police Agency sought assistance from Interpol to secure Do Kwon’s extradition from Montenegro, highlighting that South Korea had lodged its request before the United States did. This international legal tug-of-war illustrates the complexity and high stakes involved in Kwon’s case.
Do Kwon is at the center of a storm following the dramatic collapse of the Terra ecosystem in May 2022. The failure of the algorithmic stablecoin TerraUSD led to a staggering $45 billion loss in market capitalization, shaking the cryptocurrency world to its core. As the co-founder of Terraform Labs, Do Kwon faces fraud charges in South Korea related to this collapse, marking a swift fall from grace for the once-celebrated crypto entrepreneur.
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