Terraform labs’ Do Kwon to be extradited to South Korea, details here

Amidst ongoing legal battles, Terraform Labs co-founder Do Kwon faced a significant development in his extradition saga. Following a failed bid to extradite him to the United States, Kwon was now set for his extradition to South Korea. 

Remarking on the same the Department of Justice (DOJ) in a statement on 7th March noted, 

“The United States continues to seek Kwon’s extradition in accordance with relevant international and bilateral agreements and Montenegrin law.”

The statement further added, 

“The United States appreciates the cooperation of the Montenegrin authorities in ensuring that all individuals are subject to the rule of law.”

The story so far 

The High Court in Podgorica has ordered his extradition to South Korea, overturning a previous decision that favored extradition to the U.S. This decision marked a pivotal moment in the legal battle surrounding the Terraform Labs co-founder.

Kwon’s hearing, initially slated for January 29, was postponed to accommodate uncertainties regarding his presence. The delay aimed to facilitate Kwon’s extradition from Montenegro, where he has been residing. 

The South Korean Justice Ministry clarified,

“No official notification has yet been received from Montenegro.”

However, scheduling conflicts arose, prompting the SEC to propose a new trial date of 15th April. Kwon’s lawyer, however, advocated for avoiding any delays beyond 18th March.

Crypto lawyer’s response to the scenario 

Terrence Yang, a managing director at Swan Bitcoin and former counsel at Merrill Lynch, labeled the decision “a travesty,” particularly given the successful prosecution of others involved in major crypto collapses like FTX in the U.S.

Yang noted, 

“It seems a bit ridiculous for the Montenegro court to extradite Do Kwon to South Korea, where he might get acquitted or a comically light sentence as opposed to the United States.” 

While the extradition bid for Do Kwon remains unresolved, it’s unlikely that the embattled crypto pioneer will escape scrutiny easily. The DOJ has a history of pursuing offenders persistently, and Do Kwon may not be an exception.