Terra founder Do Kwon extradition
Terra founder Do Kwon has been cleared for extradition to South Korea by a judge, following a jurisdictional dispute between the U.S. and South Korea, according to local media reports.
The High Court in Montenegro announced the decision to allow Do Kwon's extradition to South Korea after he serves his jail sentence at Spuž prison near Podgorica. This comes after the Court of Appeals rejected a request to extradite him to the U.S.
Do Kwon has been at the center of a legal battle between the U.S. and South Korea since his arrest and sentencing in Montenegro on charges related to using a forged passport.
Both countries are seeking his extradition to face charges stemming from the collapse of Terra's crypto ecosystem in 2022, which contributed to a broader bear market affecting several crypto projects associated with Terra.
The charges against Do Kwon include violating capital markets regulations in both the U.S. and South Korea, which could result in a prison sentence of over four decades, according to a member of South Korea's financial crime investigation bureau.
The decision to extradite Do Kwon to the U.S. was revoked by Montenegro's Court of Appeals due to the order in which extradition requests were filed by the U.S. and South Korea.
This marks the second time that a court in Montenegro has overturned Do Kwon's extradition, with the appellate court citing significant violations and unclear language in the original decision.
Despite the extradition dispute, Do Kwon faces a federal criminal trial in New York and a lawsuit from the U.S. Securities and Exchange Commission (SEC), with the trial set to proceed later this month regardless of his presence.
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