Do Kwon’s Appeal Rejected: Extradition Decision Now in Justice Minister’s Hands

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As a seasoned crypto investor with battle-tested nerves and a portfolio that has weathered its fair share of market storms, I find myself closely following the legal saga of Do Kwon, the co-founder of Terraform Labs. The recent ruling by Montenegro’s Constitutional Court has brought us one step closer to resolving this high-stakes game of global chess.

The Constitutional Court of Montenegro has denied an appeal regarding the extradition of Do Kwon, meaning that the ultimate choice between sending him to South Korea or the United States now rests with the country’s justice minister.

Constitutional Court Ruling

The Constitutional Court of Montenegro has declined Do Kwon’s appeal concerning his extradition. This decision removes a significant legal hurdle, bringing the case one step closer to being resolved. Earlier in October, the court had temporarily halted the extradition process until this appeal was considered. The court’s decision was unanimous and followed their previous ruling.

Kwon challenged a Supreme Court of Montenegro decision from September, which declared his extradition to South Korea as null and void. This ruling ultimately placed the final decision on extradition in the hands of Montenegro’s Minister of Justice.

Extradition to South Korea or the United States?  

Since the appeal has been rejected, attention is now on Justice Minister Bojan Božović, who will determine whether Kwon should be sent to South Korea or the United States for further legal proceedings. Reports from South Korea indicate a higher likelihood of extradition to the U.S., aligning with the stance taken by the justice ministry.

Two countries are chasing Kwon due to allegations linked to the failure of Terraform Labs’ cryptocurrency infrastructure in May 2022. This incident, involving TerraUSD and Luna tokens, led to a loss of approximately $40 billion in the market and signaled the beginning of the 2022 crypto winter. The breakdown also revealed questionable practices at other prominent platforms such as FTX and Celsius, leading to worldwide scrutiny of stablecoins and Decentralized Finance (DeFi).

Timeline of Legal Proceedings

In March 2023, Do Kwon was apprehended in Montenegro at the border as he tried to exit the country with a counterfeit passport. The initial ruling by the Montenegrin High Court in February called for his extradition to the United States to address charges connected to the fall of Terra-Luna. However, this decision was overturned in March in favor of sending him to South Korea instead. A series of legal debates followed, causing a delay in the extradition proceedings.

As a researcher, I find myself one step closer to wrapping up this case, as the recent ruling has brought us nearer to the end. However, I must wait patiently, for Minister Božović is still contemplating the available options, and the final verdict remains undecided.

Broader Implications

Kwon’s extradition matter is viewed as a significant step towards international collaboration in investigating cryptocurrency crimes. The high-profile nature of this case has, however, stirred political disputes within Montenegro. Previously serving Justice Minister Andrej Milovic claims that Prime Minister Milojko Spajić is biased towards extraditing Kwon to South Korea due to suspected financial ties with the individual in question.

Simultaneously, Goran Rodic, the legal representative of Kwon in Montenegro, called on Justice Minister Bozovic to make a fair and unbiased decision, uninfluenced by politics. This was reported by the local newspaper “Pobjeda.

The timeline for the final extradition decision remains unclear.

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2024-12-26 22:03