May 29, 2024

The Supreme Court of Montenegro has canceled the extradition of Do Kwon.


The Supreme Court of Montenegro overturned the lower court’s decision on the extradition of Terraform Labs (TFL) co-founder Do Kwon.

In early March, the High Court of Podgorica approved the businessman’s extradition to South Korea. However, the prosecution objected, citing procedural violations.

“In this specific case, the first instance court could not make a decision in an expedited manner, and in particular could not make a decision on extradition, […] which is made by the Minister of Justice,” the document states.

Thus, the Supreme Court emphasized that the decision on permission and sequence of extradition in this case is made by the Minister of Justice. The case will be sent back for reconsideration at the High Court of Podgorica.

On March 23, 2023, the police of Montenegro arrested Kwon and former TFL CFO Han Chan Jung as they tried to fly out of Podgorica Airport to Dubai using fake passports. Jung was extradited to Korea in early February 2024.

In his home country, Kwon faces multiple charges, including violations of capital markets legislation. In the U.S., he is a defendant in a fraud case being pursued by the U.S. Securities and Exchange Commission (SEC) and the Federal Prosecutor’s Office in New York.

It was announced in March that the co-founder of TFL will be released from prison after serving his sentence for attempting to cross the border with forged documents.

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