Terraform Labs co-founder Do Kwon’s legal saga has taken another turn as a court in Montenegro granted approval for his extradition to either South Korea or the United States.
The decision, revealed in an official statement posted on the High Court of Podgorica’s website on November 24, marks a significant development in the ongoing legal proceedings against him.
The court’s decision paves the way for Kwon’s potential extradition, but the final determination lies with Montenegro’s minister of justice.
Kwon’s legal troubles began when a Montenegrin court sentenced him to four months in jail for attempting to use a forged passport in an ill-fated escape attempt to Dubai via a private jet.
His subsequent charge in June 2023 involved another attempt to flee the country, this time using a counterfeit Costa Rican passport.
Should the minister of justice ultimately approve the extradition, it will take place after Kwon serves the previously announced criminal sanction related to the forged documents.
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Kwon’s legal woes in Montenegro stem from his arrest in March 2023, linked to his alleged role in the $40-billion collapse of the Terra ecosystem in May 2022.
Both the United States and South Korea have requested his extradition, leading to speculation that he may face multiple sentences in different countries.
In the United States, Kwon faces a civil lawsuit from the Securities and Exchange Commission (SEC) for fraud-related charges, in addition to several criminal charges filed by the Justice Department, all relating to the TerraUSD and LUNA collapse.
If extradited to South Korea, he could potentially face a lengthy 40-year jail sentence in connection with most of his alleged crimes.
Recent developments include the denial of Kwon’s appeal by Montenegro’s highest court, which has kept him incarcerated.
Reports suggest that he is currently held at Spuž prison near the Montenegrin capital of Podgorica, where he is allowed only one hour of outdoor time daily.
European officials have expressed concerns about the conditions in the prison, citing cramped and poorly ventilated facilities.
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