Regulation
Breaking: Do Kwon Extradition Blocked by Montenegro Court
Montenegro appeals court has reversed the order to extradite Do Kwon, the cryptocurrency entrepreneur, to South Korea. Kwon is wanted over the collapse of Terraform Labs, which led to significant financial losses.
Montenegro Court Blocks Do Kwon Extradition
For months, both Seoul and Washington sought Kwon’s extradition due to his suspected role in the fraud linked to his company’s downfall. The collapse of Terraform Labs wiped out about $40 billion of investors’ money, shaking global crypto markets. However, the Appeals Court of Montenegro accepted the appeals of Kwon and his defense attorneys, revoking the earlier decision by the High Court in Podgorica.
The ruling returned the case to the first-instance court for retrial and decision. This decision came after several court decisions seemed to clear the path for Kwon’s extradition. Kwon, whose real name is Kwon Do-hyung, had been on the run for months after fleeing South Korea and Singapore before the company’s crash in 2022.
This is a developing story.
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