Following the Montenegrin court ruling on March 20, South Korean authorities came closer to charging Do-Kwon Kwon with the $60 billion Terra collapse.
According to an official notice on the matter, an application to overturn the decision to grant Do-Kwon extradition to South Korea has been rejected by the Balkan country’s appeals court.
A Montenegrin court previously canceled extradition to the United States and ordered Kwon to be deported to South Korea to face criminal charges. The former Terraform Labs CEO successfully challenged rulings allowing him to move to the United States on at least two occasions.
However, it is said that this decision finalizes Mr. Kwon’s transfer to his home country. Despite the U.S. Justice Department’s intention to challenge the ruling, the court will no longer hear appeals in the case. Montenegrin authorities have not disclosed when the Terra founder will be extradited.
Do Kwon’s extradition confirmed
This ruling concludes a year-long debate over which country, the United States or South Korea, will try Kwon Do-kwon, who was arrested last March, first. Police in Montenegro’s capital Podgorica have detained a fallen cryptocurrency tycoon after Interpol issued a red alert.
Mr. Kwon was caught while boarding a private plane to the United Arab Emirates with former Terraform Labs financial executive Changjun Han. According to law enforcement, the two men obtained fake Costa Rican passports and were imprisoned for over six months on forgery charges.
Last month, Chang-jun was extradited to South Korea, where prosecutors have already begun a trial to determine Kwon Do-do’s role in Terra’s 2022 ecological collapse. A former developer at the company testified that the founders knew about the risks of the project.