Extradition of Do Kwon to South Korea delayed by Montenegrin court

The Montenegrin Supreme Court has issued an order to delay the extradition of Do Kwon, co-founder of Terraform Labs, to South Korea until it can review a request from prosecutors. The Council of the Supreme Court announced on March 22 that it will consider a request to protect the legality of a lower court decision that would have allowed Kwon’s extradition. Prosecutors claim that an appellate court failed to follow proper procedures when rejecting an appeal from Kwon’s legal team, arguing that only the Montenegrin Supreme Court has the authority to make a legal decision. Kwon, who is a South Korean citizen, has expressed a preference for extradition to his home country rather than the United States. He is facing criminal charges in both countries and has been in custody in Montenegro since his arrest in March 2023 for using fake travel documents. Authorities are currently considering multiple extradition requests. If Kwon is extradited to the United States, he would likely face eight felony charges related to fraud at Terraform Labs, which were filed by prosecutors in March 2023. In South Korea, he is indicted for fraud and violations of capital markets law. It remains uncertain which country, the US or South Korea, will prevail in the extradition battle. Han Chang-joon, the former chief financial officer of Terraform Labs, was arrested alongside Kwon in Montenegro but was extradited to South Korea in February. In April 2023, South Korean authorities indicted several individuals connected to Terraform Labs, including co-founder Hyun-seong Shin.