Do Kwon's Extradition Case Returns to Montenegro High Court After Appeal

Since his arrest in March 2023, Do Kwon has been in Montenegro. He could be extradited to either his native South Korea or the United States to face fraud charges. After another successful appeal from Do Kwon's legal team, Montenegro’s High Court will decide whether to extradite the Terraform Labs co-founder to the United States or South Korea. According to a May 24 report from Montenegrin news outlet Vijesti, the country’s Court of Appeals accepted arguments from Kwon’s lawyers and returned the question of extradition to the High Court for retrial and decision. The appeal marked the latest legal maneuver Kwon’s team used to delay his transfer to the U.S. or South Korea, where he would face criminal charges. Authorities in Montenegro arrested Kwon in March 2023 for using falsified travel documents while attempting to leave the country. He was sentenced to four months in prison, then released as courts weighed competing requests for extradition from the U.S. and South Korea. A U.S. court found Terraform and Kwon liable for fraud as part of a civil case brought by the Securities and Exchange Commission (SEC). A judge is scheduled to hear proposed remedies from the two parties in a May 29 hearing. As Montenegro’s courts tussle over Kwon’s extradition, it’s unclear whether he can assist in his defense in person in the U.S. or his native South Korea. If extradited to South Korea, Kwon faces an indictment for fraud and violations of capital markets law.