On April 5, a legal decision concerning the extradition of cryptocurrency mogul Do Kwon from Montenegro was remanded to a lower court. Montenegro’s Supreme Court confirmed its endorsement of the legal validity of a previous ruling by a lower court, which sanctioned Kwon’s extradition to South Korea.
Do Kwon Extradition Left To Montenegro Court
The extradition of Do Kwon has sparked a legal tussle between the United States and South Korea, both vying for his transfer. Montenegro is now grappling with the decision on which extradition claim to prioritize. Kwon’s legal team advocates for his extradition to South Korea initially, anticipating a more lenient sentence there.
Prosecutors argue that the appellate court erred in dismissing an appeal from Kwon’s legal representatives and deferring the decision to the Supreme Court, alleging a procedural violation.
However, the Supreme Court clarified that such decisions are beyond its purview. In its ruling on Friday, it emphasized that when faced with competing extradition requests from two states for the same individual, its role is to assess whether extradition conditions are met for each petition separately. The competent minister, not the court, then determines the permission and sequence of extradition.
As a result, the decision regarding Do Kwon’s extradition now reverts to the High Court in Podgorica.
Kwon Found Guilty Of Fraud In Luna Crash
Kwon’s initial arrest in March 2023 in Montenegro was related to possession of counterfeit travel documents. Following a brief detainment, he has been permitted to move freely within the country pending a resolution on his extradition case.
Both the United States and South Korea are pursuing legal action against Kwon in connection with the catastrophic collapse of the Terra network in May 2022, which resulted in the loss of $40 billion in investor value involving Terra (LUNA) and TerraUSD (UST) cryptocurrencies.
The U.S. Securities and Exchange Commission (SEC) has also implicated Kwon in its extensive list of crypto companies allegedly involved in defrauding investors through the issuance of unregistered securities. On Friday, the SEC emerged victorious in the case, with a Manhattan jury ruling that Kwon and his company had deceived investors regarding the network, including its purported adoption as a payments technology.
A Terraform Labs spokesperson expressed disappointment with the verdict, stating, “We continue to assert that the SEC lacks the legal authority to pursue this case, and we are carefully evaluating our options and next steps.”
