Do Kwon Remains in Detention as Montenegro Supreme Court Reviews Extradition Case

Terraform Labs and Do Kwon were previously accused of fraud in a U.S. government lawsuit about the company's 2022 failure, which led to $40 billion in investors' losses.

Montenegro's Supreme Court has suspended the extradition process of Do Kwon to South Korea. This decision follows an appeal by the Supreme State Prosecutor's Office against a previous court ruling that approved his extradition. The suspension will halt the proceedings pending the Supreme Court's review of the case.

The extradition case involves several complexities and legal maneuvers. Multiple decisions have been made regarding Kwon's extradition to both the United States and South Korea. Notably, Kwon, the co-founder of Terraform Labs, is accused of embezzling $40 billion through the two cryptocurrencies, Luna and Terra.

Kwon was arrested in March 2023 and has been detained since, awaiting extradition. His attorneys have criticized the handling of the case, highlighting the multiple court rulings, with the only positive aspect being the consistent legal arguments from the appellate court. The case has garnered significant attention due to both the legal matters and the politics involved in Montenegro.

Terraform Labs and Kwon were previously accused of fraud in a U.S. government lawsuit over the company's 2022 collapse, which resulted in investors losing $40 billion. In the recent jury trial held in New York, Kwon and Terraform were found liable for defrauding investors, bolstering the SEC's presence in the crypto market.

Kwon's legal team has three days to appeal the recent decision by the Podgorica High Court, but the case may encounter further legal twists and turns. The extradition decisions have been shifting, with Kwon attempting to use fake IDs to travel in March 2023, leading to his arrest in Montenegro. He was then detained for four months, during which time both the U.S. and South Korea made efforts to extradite him.

Montenegrin authorities agreed to extradite Kwon to South Korea in March 2024. However, Kwon's legal troubles continued, as a New York jury found him and his company liable for civil fraud in April 2024, resulting in a $4.5 billion settlement with the SEC. Despite this, U.S. authorities are still pursuing criminal charges against him. As the Supreme Court reviews the case, Kwon remains in detention.

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