Montenegro’s High Court in Podgorica has reportedly issued a decision putting the question of Terraform Labs co-founder Do Kwon’s extradition to the United States or South Korea to the country’s justice minister.
According to an April 10 report from Montenegrin news outlet Vijesti, Justice Minister Andrej Milović will have the final decision on whether Kwon is to be extradited and to which country. The reported decision came after Montenegro’s Supreme Court approved a request for a protection of legality against a lower court decision that would have allowed his extradition to South Korea.
Authorities in Montenegro arrested Kwon in March 2023 for using falsified travel documents while attempting to leave the country. He reportedly remains free to travel within Montenegro as courts determine whether to grant an extradition request from the U.S. or South Korea, where he would face criminal charges.
Kwon and others at Terraform were allegedly responsible for fraud and lying to investors amid the platform's collapse in May 2022. On April 5, a jury found the company and Kwon liable for fraud as part of a civil case brought by the U.S. Securities and Exchange Commission. The Terraform Labs co-founder could also face criminal charges in the U.S. and South Korea.
Related: Terraform Labs was ‘built on lies’ — SEC at trial
Kwon’s case in Montenegro has been bounced from court to court as his lawyers continue to file motions and appeals regarding procedure. It’s unclear if the legal team also intended to appeal the April 10 ruling.
Terraform Labs’ former chief financial officer Han Chang-joon — arrested with Kwon in Montenegro — was extradited to South Korea in February. Authorities in South Korea have also indicted several individuals connected to Terraform, including co-founder Hyun-seong Shin.