Montenegro Cancels Terra Co-founder’s  US Extradition Decision

The Montenegro court cancelled Do Kwon’s extradition and will further go for trials to explore better jurisdiction for his extradition.

Do Kwon is the core Terraform Labs co-founder. Under his leadership, the Terra crypto project collapsed badly in May 2022. Since Q1 of this year, he has been in jail in Montenegro. Kwon was arrested in March after being caught in Podgorica’s airport with falsified documents. 

Just a few days ago, the Appellate Court of Montenegro approved the extradition of Kwon to the USA, so that the US Securities regulatory body SEC could investigate the whole Terra crypto collapse incident perfectly.

But today the court revoked his extradition ruling following a request by Kwon’s defence lawyer. 

As per the report, the court judge found a violation of the Criminal Procedure Code in the November 17 decision because of a lack of clear facts & evidence. 

The whole court ruling is now wondering around the jurisdiction priority, whether Kwon should be sent to his native country South Korea or a foreign country America.

Notebely Terraform lab has been situated in South Korea since the origin of the Terra crypto project and also the majority of the financial activities took place around Terra crypto tokens in the same country. So all the investigations could be done more perfectly in South Korea, instead of any other country.

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Because of the decentralised nature of Terra crypto tokens, the US crypto Investors were also trading those tokens. The US SEC sued Do Kwon for targeting the US jurisdiction with his unregistered financial assets. 

However, the US enforcement agencies are better than Korea but here the whole mystery behind the Terra crypto fraud could be solved more perfectly in South Korea because all the suspicious activities around this crypto project occurred in South Korea.

For now, Kwon’s detention has been extended to 2.5 months. However, this is not good news for Kwon but probably he will be happy to see himself in his native country because there are huge chances that he will be extradited to S. Korea. 

Read also: Court approves settlement agreement of Binance & CFTC: $2.7B fine 

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