Do Kwon, co-founder of Terraform Labs, is making a final appeal against a Montenegrin court’s decision that could potentially lead to his extradition.
Local state media reported on December 6 that Kwon’s legal team had officially submitted an appeal against the November 24 ruling by the High Court of Podgorica.
This ruling had approved the possibility of Kwon’s extradition to either the United States or South Korea, pending a final decision by the Montenegrin Ministry of Justice.
The Montenegrin Ministry of Justice is now tasked with reviewing the appeal and reevaluating the initial extradition order.
A final decision on the matter is expected to be reached by December 15.
In a statement made on November 24 by the High Court of Podgorica, Kwon expressed his preference for extradition to South Korea over the United States.
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Kwon’s legal team had initially contested the extradition requests from the U.S. on September 28, arguing that any attempt to deport him before October 13 would be deemed “impossible” due to his ongoing detention in Montenegro.
This legal battle traces back to February 17 when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against both Terraform Labs and Do Kwon, accusing them of orchestrating a multibillion-dollar crypto asset securities fraud.
The situation escalated when Kwon and the former chief financial officer of Terraform Labs, Han Chong-joon, were arrested on March 23 at Podgorica airport.
They were apprehended for attempting to depart for Dubai with falsified travel documentation.
Subsequently, Kwon found himself in extradition custody in Montenegro from June 15, and the court had ordered his imprisonment for six months while deliberating on whether he should be extradited to the United States or South Korea.
As Do Kwon’s fate hangs in the balance, the ongoing legal proceedings continue to draw significant attention from the cryptocurrency and legal communities, with the Montenegrin Ministry of Justice poised to make a pivotal decision regarding his extradition by mid-December.
