The Montenegro Court of Appeal has reversed their previous decision to extradite Do Kwon, the co-founder of Terraform Labs, to South Korea or the United States. The retraction came following a repeated request from Kwon’s lawyers.
This decision overturns the court’s initial rejection, which was subsequently challenged. The court determined that the extradition requests from the United States and South Korea lacked legal foundation due to the absence of defined procedures for such requests.
Kwon, along with former Terraform chief financial officer Han Chang-jung, was arrested by Montenegro police on March 23 while attempting to travel to Dubai using false passports. Chang-jung has already been extradited to South Korea, where he is facing charges of fraud and embezzlement totaling approximately $40 million.
As a reminder, Kwon is also facing a fraud case in the United States, with investigations being carried out by the SEC and the New York Federal Prosecutor’s Office.