April 19, 2024
Latest Cryptocurrency News

Montenegro Delays Terraform Labs Co-founder’s Extradition

The Supreme Court of Montenegro has intervened in Terraform Labs co-founder Do Kwon’s extradition proceedings, delaying his return to South Korea for a review of legal procedures. The ruling comes amid a legal battle between prosecutors and the appeal court, complicating Kwon’s situation.

Prosecutors Contest Lower Court Decision

Montenegro’s Supreme Court Council said on March 22 that it will deliberate on a plea for the protection of legality about a lower court’s order allowing Kwon’s extradition. Prosecutors have filed objections, claiming procedural errors in the appellate court’s dismissal of Kwon’s defense team’s appeal. They contend that only the Montenegrin Supreme Court has the authority to make such significant legal decisions.

Terraform Labs Co-founder Do Kwon. Source: Bloomberg

Uncertain Fate Amidst Competing Extradition Requests

Kwon, a South Korean national, has been in Montenegrin custody since March 2023 when he was apprehended for using forged travel documents. His preference for extradition to South Korea over the United States is apparent. While facing charges in both countries, Kwon’s fate hangs in the balance as authorities assess competing extradition requests.

Challenges for Terraform Labs

Terraform Labs has found itself embroiled in legal troubles beyond Kwon. Han Chang-joon, the company’s former chief financial officer, was arrested alongside Kwon in Montenegro. However, Han was extradited to South Korea in February, preceding a wave of indictments against several individuals associated with Terraform Labs by South Korean authorities in April 2023, including co-founder Hyun-seong Shin.

As legal complexities mount, the fate of Kwon and his colleagues hangs in the balance, awaiting further deliberation from the Montenegrin judiciary.

Image by freepik

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