A spokesperson for the High Court announced that Do Kwon’s legal representatives have been granted a three-day window to file an appeal following a recent ruling.
In Montenegro, a court has decided that Do Kwon, the founder of Terraform Labs, is to be extradited to the United States to address allegations of fraud, rather than to his country of origin, South Korea.
Kwon, aged 32, was apprehended close to a year ago in Montenegro based on an international arrest warrant relating to the collapse of Terraform Labs’ cryptocurrency, resulting in significant losses for global retail investors totaling $40 billion (€37 billion).
Requests for Kwon’s extradition have been made by both South Korea and the United States to Montenegro.
According to Marija Raković, a spokesperson for the High Court, the ruling was issued on Thursday, granting Kwon’s legal team a three-day period to contest the decision.
“The High Court rendered two decisions, one concerning Do Kwon’s extradition to the US and the other dismissing South Korea’s extradition request on similar grounds,” she informed the Associated Press. “The Court of Appeal will review both rulings of the High Court.”
Referred to as “the cryptocurrency king,” Kwon faces fraud charges filed by federal prosecutors in New York, prompting his extradition request by the US. Similarly, South Korean authorities have sought his return to their jurisdiction.
Kwon, along with another South Korean individual, was apprehended at Montenegro’s Podgorica Airport on March 23 last year while attempting to travel to Dubai using counterfeit Costa Rican passports.
Kwon, along with five others affiliated with Terraform, faces accusations of fraud and financial misconduct stemming from the collapse of its digital currencies in May 2022.
TerraUSD, intended as a stablecoin linked to assets like the dollar to minimize price volatility, experienced a significant drop below its $1 peg, leading to approximately $40 billion in market value losses for TerraUSD and its related currency, Luna, holders.
Presently, Kwon is serving a four-month jail sentence in Montenegro for passport forgery.
