A report from the Montenegro court revealed that the founder of the Terraform Labs, Do Kwon, might not be extradited to the US. The court reversed its earlier ruling to extradite the disgraced crypto investor to either the US or South Korea.
Last month, the prosecutors in the US appealed for Do Kwon’s extradition for further legal actions. The troubled crypto investor is facing eight criminal charges in the US for breaching the securities and commodities law and engaging in wire fraud.
Do Kwon Extradition Request Rejected
The US Securities and Exchange Commission (SEC) accused Do Kwon of orchestrating a fraudulent crypto scheme that exposed the customer to substantial financial losses.
Consecutively, the South Korean regulators accused Do Kwon of forging travel documents that violated the Montenegrin law. The fallen crypto impresario was arrested at Podgorica airport with fake travel documents.
Based on Montenegrin law Do Kwon received four months imprisonment for forging travel documents. Months after the crash of the Terra ecosystem, the regulators launched an international manhunt to arrest Do Kwon and his counterparts.
The efforts to bring Kwon to justice proved futile after the crypto investor failed to cooperate with the investigation.
US and South Korea Appeals for Extradition Terra Founder
At that time, the global regulators raged the manhunt for the 31-year-old crypto investors. Reportedly, after escaping Singapore, the US regulators claimed that Kwon was hiding in Serbia.
After a long chase, regulators in the US, Montenegro, and South Korea have been seeking to punish Do Kwon for violating the law. A review of the court judgment demonstrated that the legal requirements for Kwon’s extradition were all met, and he should be deported.
In November, after the court ordered Kwon to be extradited, his defense team filed a complaint against his extradition at the Podgorica High Court.
After assessing the appeal, the Appellate Court’s noted multiple criminal proceedings violations, and the Do Kwon extradition ruling was unclear. The court rejected the extradition request and demanded Kwon to be arraigned at the court for retrial.
