Montenegro's highest court has denied Do Kwon's appeal, paving the way for his extradition. This unanimous decision identified flaws in Kwon’s legal arguments.
The case is now in the hands of Montenegro's justice minister, who will decide whether Kwon returns to South Korea or the US. The US is reportedly the preferred destination due to its justice ministry's stance.
Kwon is wanted by both countries for his alleged role in the Terraform Labs collapse, which erased $40 billion from the market and kicked off the 2022 crypto winter.
His arrest in Montenegro for passport fraud adds gravity to the case, setting a potential legal precedent for cross-border crypto enforcement.
In June 2024, Terraform Labs settled with the SEC, agreeing to a massive $4.47 billion payment. Kwon also faces personal financial penalties.
There's controversy over Kwon's alleged political ties in Montenegro, possibly influencing the extradition process. Despite these challenges, the court's decision signifies a step towards international accountability in the crypto industry.
