In November 2023, the High Court of Podgorica ruled in favor of Kwon’s extradition.
Kwon’s legal team has prevailed in their appeal, and the matter will have a new trial.
A Montenegro court has revoked the decision to extradite Do Kwon, co-founder of Terraform Labs, to either the U.S or South Korea. The decision of the High Court of Podgorica to approve Kwon’s extradition to either the United States or South Korea was annulled on December 14 by the Appellate Court of Montenegro, according to an official declaration made on December 19.
In November 2023, the High Court of Podgorica established the necessary legal grounds for Kwon’s extradition; nonetheless, the minister of justice of Montenegro remains responsible for making the ultimate decision about Kwon’s extradition.
New Extradition Trial
The most recent ruling from the court of appeals states that Kwon’s legal team has prevailed in their appeal, and the matter should be sent back to the Podgorica Basic Court for a new trial.
A “significant violation of the provisions” of Montenegro’s Criminal Procedure Code was explicitly deemed by the panel of the Appellate Court to have influenced the prior verdict by the High Court of Podgorica.
In March 2023, Kwon tried to leave Montenegro using fake travel credentials, which led to his detention. A number of prosecutors have indicated that the co-founder of Terraform Labs, Kwon, might face numerous terms in both South Korea and the United States, and both nations have recently asked for his extradition.
There were allegations of investment fraud against Daniel Shin, another co-founder of Terraform. After leaving Terraform in 2020 “for business reasons,” Shin claimed at his October 2023 trial in South Korea’s Seoul Southern District Court that he was unrelated to the catastrophe.