Do Kwon Extradition Appeal Will be Heard by December 15

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  • Terraform Labs co-founder Do Kwon has lodged a final appeal against a Montenegrin court’s extradition decision
  • The Montenegrin Ministry of Justice will make a decision by December 15
  • Despite Kwon expressing a preference for extradition to South Korea, the final decision remains uncertain and won’t be influenced by his stated choice

Terraform Labs co-founder, Do Kwon, is making a final appeal against a Montenegrin court’s decision for extradition to either the US or South Korea. Lawyers submitted the appeal to the High Court of Podgorica yesterday, and the Montenegrin Ministry of Justice will reconsider the case, with a final decision due by December 15. Kwon has expressed a preference for extradition to South Korea over the United States, but his preference is unlikely to sway the court’s opinion.

Korea and US Battle Over Kwon

Korean officials ruled last week that Kwon should be extradited from Montenegro amid multiple fraud charges related to the collapse of the UST stablecoin in 2022. The destination of his extradition is yet to be determined, with both South Korea and the US desirous of holding him accountable for the UST’s downfall, which caused losses exceeding $50 billion. 

The collapse occurred after Kwon consistently reassured investors of the project’s strength in the weeks leading up to the crisis.

The US Securities and Exchange Commission (SEC) initiated proceedings against him and Terraform Labs in February, alleging that Kwon masterminded a multi-billion-dollar crypto asset securities fraud and concealed information about the protocol’s stability.

Simultaneously, Korean law enforcement is pursuing Kwon for violating capital market rules through Terraform Labs. The Seoul Southern District Prosecutor’s Office’s Financial and Securities Crime Unit issued an arrest warrant against him and founding member Nicholas Platias.

Kwon’s fate will now be sealed on December 15 when the appeal court hears his case and decides whether his home for Christmas the US, Korea, or Montenegro.