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Terraform Labs co-founder Do Kwon was released from custody in Montenegro on Saturday while the Supreme Court was looking into extradition requests from the US and South Korea. The Supreme Court stepped in to halt a lower court’s decision to send Kwon back to South Korea the day before.
Do Kwon’s Charges
He’s facing fraud charges in both South Korea and the US over the Terra Luna collapse, which caused a whopping $60 billion in market value loss in 2022.
The prison director, Darko Vukcevic, mentioned that Kwon was let go because his time behind bars for using fake documents had wrapped up.
Vukcevic pointed out that since Kwon is a foreigner and his papers were seized, he was brought in for questioning to the police directorate, where his case will be further addressed.
Kwon’s lawyer, Goran Rodic, confirmed his release, and state TV reported that Kwon was transferred to a foreign shelter on Saturday. They also noted that the authorities had taken hold of his passport.
About a year back, Kwon was arrested at Podgorica Airport in Montenegro while trying to fly to Dubai with a fake Costa Rican passport. He was later convicted of attempting to travel with forged documents and was sent to prison.
Montenegro’s Supreme Court to Determine Kwon’s Extradition
Since being arrested, Kwon has been fighting against extradition requests for his trial. Bloomberg reports that the Montenegro Supreme Court, without a set timeframe for its decision, now has the power to determine whether Kwon could be extradited to the US or South Korea.
Although Kwon’s recent legal win doesn’t ensure he won’t be extradited, the case will be reviewed by the initial court again. This means, at least for now, Kwon’s extradition is on hold, if not completely off the table.
