Terraform Labs founder Do Kwon is set to return to his native South Korea for criminal prosecution two years after the collapse of Terra’s tokens, which shook the crypto industry. According to a Mar. 6 report from local Montenegro media Pobjeda, Podgorica’s High Court has ruled in favor of extraditing Kwon to South Korea. This development follows Kwon’s successful third appeal to revoke his repatriation to the United States.
Kwon’s defense team, led by attorney Goran Rodic, challenged the decision announced on Feb. 21, citing judicial misconduct and political coercion. A judge initially ruled in favor of U.S. extradition based on the supposed order of arrival of requests. However, an Appellate Court later found that the U.S. requested temporary detention rather than full extradition after Kwon’s arrest last year. In contrast, South Korea’s Embassy and Ministry of Justice petitioned Montenegro for Kwon’s transfer back to his home country.
At present, it remains unknown if the former Terraform CEO will appeal extradition to South Korea. Nevertheless, the possibility remains considering previous judgments.
The legal battle over Do Kwon’s extradition highlights the ongoing conflict between South Korean and U.S. authorities in connection to the multi-billion-dollar collapse of Terra, a blockchain ecosystem created by the former tycoon. Both jurisdictions have initiated litigation against Kwon over fraud and criminal violations in a crash that resulted in losses exceeding $60 billion.
The South Korean National Police Agency had sought assistance from Interpol prior to the approval of Kwon’s extradition to the country, as reported by media outlet Newsis. Additionally, an ex-Terra developer testified in a South Korean court, asserting that Kwon was aware of the project’s legal ambiguities.
This ruling marks a significant development in the Terra saga and sets the stage for further legal proceedings as Do Kwon faces prosecution in South Korea.
