• The High Court in Montenegro has hinted at the possibility of overturning Do Kwon’s extradition to the US, adding another layer of uncertainty to his legal saga.
• Despite facing charges related to the collapse of Terraform Labs’ digital currencies, Kwon’s extradition decision may face yet another reversal.

Note: Any analytical data here is as of Feb 27th. The figures have not been updated.

The legal odyssey of Do Kwon, the founder of Terraform Labs, is poised for yet another twist. Recent reports from PANews, a reputable Asian media outlet focusing on blockchain and fintech, suggest that the High Court in Montenegro’s capital, Podgorica, has hinted at the possibility of overturning the decision to extradite Do Kwon to the United States.

According to Marija Rakovic, a public information officer at the High Court, the Court of Appeals has previously reversed the High Court’s extradition ruling twice. She stated,

“The Court of Appeals may once again overturn the High Court’s decision to extradite Do Kwon to the United States if he re-appeals the recent extradition decision.”

While Rakovic refrained from making predictions, she acknowledged the potential for such an outcome.

Do Kwon’s Legal Battle

This latest development comes on the heels of the High Court of Montenegro’s recent decision favoring Do Kwon’s extradition to the US over South Korea. The extradition is sought in response to charges related to the collapse of two digital currencies associated with Terraform Labs, which allegedly violated US law. The US trial, originally scheduled for earlier, has been postponed to March 25 to accommodate the ongoing extradition process.

The spotlight on Do Kwon intensified following the collapse of his $40 billion digital asset project, which included the TerraUSD stablecoin and Luna token, resulting in substantial investor losses. Despite Kwon’s denial of personal or corporate gain from the collapse, his previous statements and expressions of regret have faced widespread scrutiny.

A Legal Odyssey

Kwon’s legal troubles escalated when South Korea issued an international arrest warrant, followed by an Interpol “red notice.” After a period of speculation regarding his whereabouts, Kwon was apprehended in March 2023 in Podgorica, Montenegro, alongside Terraform Labs’ former finance officer, Han Chang-joon, for alleged use of forged documents. Both South Korea and the US have sought his extradition.

After serving a prison sentence in Montenegro for the forged documents offense, the decision was made to extradite Kwon to the United States rather than South Korea. As the legal proceedings unfold, the global crypto community remains vigilant, awaiting the resolution of the intricate legal saga surrounding Do Kwon and the aftermath of Terraform Labs’ collapse.

While the recent ruling seemed to seal Kwon’s fate, the potential for another reversal underscores the complexity and uncertainty surrounding his extradition. As the saga continues, observers worldwide remain captivated by the twists and turns of this high-profile case.