Montenegro appeals court reversed the extradition order for Do Kwon, wanted in South Korea for the Terraform Labs collapse.
The appeals court in Montenegro has overturned the order that cryptocurrency entrepreneur Do Kwon be extradited to South Korea. The collapse of Terraform Labs, which resulted in substantial financial losses, has attracted the pursuit of Kwon.
Seoul and Washington pursued Kwon’s extradition for months on account of his alleged involvement in the fraudulent activities that precipitated the demise of his company.
Terraform Labs’ demise wiped out approximately $40 billion in investor funds, causing tremors in the global cryptocurrency markets. Nevertheless, Kwon and his defense counsel’ appeals were granted by the Appeals Court of Montenegro, which overturned the previous ruling of the High Court in Podgorica.
The decision remanded the matter to the court of first instance for a new trial and final decision. Several court decisions appeared to have paved the way for Kwon’s extradition prior to this ruling. Prior to the 2022 company accident, Kwon, whose actual name is Kwon Do-hyung, had been missing for months after escaping South Korea and Singapore.
