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Do Kwon Set for Extradition to South Korea
The Terraform Labs founder's never-ending legal saga appears to be nearing an end.
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Do Kwon is set to be extradited from Montenegro to South Korea after a ruling from the Balkan nation’s court of appeals Thursday.
What's the scoop?
- Court Decision: The Appellate Court of Montenegro confirmed an earlier decision from the High Court of Podgorica to send Kwon to South Korea, rejecting a U.S. request for his extradition to prosecute Kwon for Terra’s collapse.
- Arrest in Montenegro: Kwon was arrested in Montenegro in March 2023 for using a fake passport to travel to Dubai. He got a four-month jail sentence but stayed in custody until released on bail in March this year.
- Final Decision Authority: The final decision on Kwon's extradition lies with Montenegro’s minister of justice, according to the Office of the Supreme State Prosecutor.
- Prime Minister's Involvement: Montenegro's Prime Minister, Milojko Spajic, is reported to be a personal investor in Terraform Labs.
Bankless Take:
After a settlement with the SEC for $4.5B, to be paid from both Terraform Labs and out of his own pocket, Do Kwon's extradition may be the last (or second-to-last) step in his saga. It will be interesting to see the severity with which South Korea’s justice system charges him, potentially adding to the fines he’s already faced in the U.S. and possibly also committing him to jail time. As of now, there has been no extradition date set.
Terraform Labs to pay $4.5B Penalty in SEC Settlement on Bankless
Do Kwon is personally on the hook for $200 million.
David C