Montenegrin Prosecutor Challenges Extradition of Do Kwon To South Korea

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The Montenegrin Supreme State Prosecutor’s Office is contesting the decision to extradite Do Kwon, co-founder of Terraform Labs to South Korea instead of the United States. This development is a new twist in the ongoing legal saga surrounding Do Kwon.

Jurisdictional Dispute: Prosecutor Office vs. High Court

According to the translation of a statement made available to the public, the prosecutor’s office criticized the High Court’s decision, arguing that it overstepped its authority by conducting an “abbreviated” legal procedure in determining Kwon’s extradition destination.

The office asserted that such decisions fall within the jurisdiction of the Ministry of Justice. The document refers to Kwon by his initials, K.D.H., which correspond to his full name, Kwon Do-hyeong.

The legal battle intensified after the Balkan country’s Appellate Court upheld the High Court’s ruling to extradite Kwon to South Korea, rejecting his latest appeal. This decision came despite Kwon’s preference, along with his legal team, for extradition to his home country, South Korea, where financial criminal sentences typically range from 30 to 40 years. This contrasts with the U.S.’s practice of imposing consecutive sentences for multiple crimes.

Terraform Labs’ Troubles and Legal Fallout

The extradition proceedings emanated from the fallout of Terraform Labs’ algorithmic stablecoin Terra and its sister cryptocurrency Luna, which experienced a significant crash in May 2022, resulting in the loss of over $40 billion in market capitalization within a few days.

Both U.S. and South Korean authorities have pursued Kwon and Terraform Labs on charges related to fraud and violations of securities laws in connection with the crash that occurred.

According to a court document filed by United States Attorney Damian Williams, Kwon faces accusations of eight distinct crimes, including commodities fraud, securities fraud, wire fraud, and conspiracy to commit fraud and market manipulation.

Terraform Labs Uncertainty

Terra initiated Chapter 11 bankruptcy filing proceedings with the hope that it will assist in addressing the ongoing lawsuit brought against the company by the United States Securities and Exchange Commission (SEC).

Kwon, who has been a fugitive with an Interpol Red Notice issued against him, was apprehended in Montenegro last March while attempting to travel using forged documents. Meanwhile, as the legal battle continues, the fate of Kwon and the repercussions for Terraform Labs remain uncertain amidst the complex intricacies of international extradition laws and financial regulatory scrutiny.

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