Do Kwon appeals Montenegrin court decision, claiming ‘unfounded and illegal’ interpretation

The co-founder of Terraform Labs, Do Kwon, faces ongoing legal issues as his lawyers have reportedly filed an appeal against a court ruling regarding his potential extradition to either the US or South Korea. This was initially requested by Montenegro’s justice minister.

Based on a report from Vijesti, published on April 23, Kwon’s lawyers have lodged an appeal against a decision made by Montenegro’s High Court on April 8. This decision would have given the Justice Minister, Andrej Milović, the authority to approve Kwon’s extradition to South Korea. The High Court’s decision was a response to Montenegro’s Supreme Court granting a request for protecting legality following a lower court ruling that Kwon could be extradited.

Kwon’s lawyers are said to have labeled the court ruling as “baseless and unlawful” and a “strange” application of the law. It remains uncertain if this appeal will halt the ongoing debate over Kwon’s extradition, which has been in limbo for months due to numerous legal filings and appeals from his defense team concerning procedural matters.

In March 2023, Montenegrian authorities apprehended Kwon for utilizing counterfeit travel documents during an attempt to depart from the country. Presently, he is permitted to move around within the country’s borders as the courts decide which nation has jurisdiction over his extradition to either the United States or South Korea, where charges against him await.

In the United States, Terraform and Kwon have been held responsible for committing fraud in a civil lawsuit filed by the Securities and Exchange Commission (SEC). Following this decision, the SEC announced their intention to pursue a $5.3 billion compensation claim against the two parties, with $100 million in civil penalties earmarked specifically for Kwon.

In early 2022, Terraform’s failure led to a major crypto market crash, causing companies such as FTX, BlockFi, and Celsius to file for bankruptcy protection in the United States by January 2024.

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2024-04-24 22:40