Do Kown's Extradition Battle Could End Up in Montenegro's Supreme Court
Just as decision to extradite him to South Korea was made, prosecutors stepped in
March 22, 2024 07:20 AM
Reading time: 1 minute, 47 seconds
TL;DR Montenegro's Supreme State Prosecutor's Office has contested the High Court's decision to extradite Terraform Labs co-founder Do Kwon to South Korea, instead of the U.S., following Terra-Luna's $40 billion crash in 2022. The office argues that the court overstepped its authority. Meanwhile, Kwon's legal battle continues as he prefers extradition to his home country over the U.S.
In a recent development that has caught the attention of the global blockchain community, Montenegro's Supreme State Prosecutor's Office has issued a statement challenging the High Court's decision to extradite Do Kwon, the co-founder of Terraform Labs, to South Korea.
This move comes after the significant collapse of Terraform Labs' algorithmic stablecoin Terra and its sister cryptocurrency Luna in May 2022, which erased over $40 billion from the market in a swift downfall.
Montenegro's Legal Challenge According to a translated statement released on Thursday, the prosecutor's office criticized the High Court for conducting an "abbreviated" legal procedure in deciding Kwon's extradition, a decision it claims should fall within the realm of the Ministry of Justice. The office used Kwon's initials, K.D.H., in its statement, referring directly to Kwon Do-hyeong.
Following the Appellate Court's confirmation of the High Court's decision to extradite Kwon to South Korea and the rejection of his latest appeal, the legal battle over Kwon's future has intensified. The case is not only about the fate of a high-profile blockchain entrepreneur but also about the broader implications for the international legal system and its handling of cryptocurrency-related crimes.
Preferential Treatment for South Korea? Kwon and his legal team have expressed a preference for extradition to South Korea over the United States. This preference is likely due to South Korea's typically less severe maximum sentences for financial crimes, which range from 30 to 40 years, compared to the U.S. system that allows for consecutive sentences for each conviction.
Since the collapse of Terra and Luna, authorities in both the U.S. and South Korea have pursued Kwon and Terraform Labs on various charges, including fraud and securities law violations.
Kwon, who had been evading international law enforcement with an Interpol Red Notice for his arrest, was apprehended in Montenegro last March for attempting to travel with forged documents.
"The case of Do Kwon's extradition highlights the complex interplay between national jurisdictions in handling cryptocurrency-related legal issues."
As the legal proceedings continue, the cryptocurrency community watches closely, understanding that the outcome could set precedents for future cases involving the cross-border prosecution of blockchain innovators and entrepreneurs.
