Montenegro Tells Terraform's Do Kown to Pack His Bags
The country's Court of Appeal decided to extradite Kwon to South Korea instead of the US based on who demanded him first
August 2, 2024 09:26 AM
Reading time: 1 minute, 53 seconds
TL;DR The Court of Appeal of Montenegro has ruled that Do Kwon's extradition to South Korea should be expedited. This ruling rejects a competing request from the U.S. and solidifies South Korea as Kwon's destination. Kwon's legal team and various observers believe the sentencing in South Korea may be more lenient.
The saga of Do Kwon's extradition proceedings may have finally come to an end, as the Court of Appeal of Montenegro handed down a decision earlier this week.
Court's Ruling
In an August 1 ruling, the appeals court found that Do Kwon, former CEO of Terraform Labs, should be deported to his native country of South Korea.
In doing so, the court rejected an extradition request for Kwon from the U.S., saying that preference would be granted to South Korea because it was the first country to request his extradition.
"There was no appeal against the decision above, so the decision of the Higher Court in Podgorica, which permitted expedited extradition based on the request of the Republic of Korea, has become final," read the ruling. This means there is a good chance this decision will be final.
Legal Implications
While Kwon faces charges in both countries, many believe that the punishment for his crimes will be far less severe if he is tried in South Korea.
Terrence Yang, managing director at Swan Bitcoin, commented, "It seems a bit ridiculous for the Montenegro court to extradite Do Kwon to South Korea, where he might get acquitted or a comically light sentence as opposed to the United States."
Even Kwon believes that an extradition to South Korea might lead to a more lenient sentence. His legal counsel has also indicated a preference for being deported to South Korea over the U.S.
Background and Controversy
Earlier this year, local media outlet Vijesti reported that Montenegro's Prime Minister Milojko Spajic had personally invested in Terraform Labs in 2018, citing court documents from the U.S. Securities and Exchange Commission (SEC).
Spajic acquired 750,000 LUNA for $0.10 per token before taking office. At one point, the value of his LUNA holdings stood at $90 million.
This revelation adds another layer of complexity to the case and raises questions about potential conflicts of interest in decision-making.
Thus, the expedited extradition of Do Kwon to South Korea might be seen in a different light, given the Prime Minister's financial connections to Terraform Labs.
The case remains a focal point in cryptocurrency and international law. Observers are keen to see how South Korea will handle the legal proceedings once Kwon is back home.
