TL;DR
- Montenegro’s Constitutional Court rejected Do Kwon’s appeal, leaving the final extradition decision to the Justice Minister.
- Kwon, founder of Terraform Labs, faces extradition requests from both South Korea and the United States over the 2022 Terra-Luna collapse.
- The case has sparked political controversy in Montenegro, with allegations of potential economic deals between Montenegrin authorities and South Korea.
Montenegro’s Constitutional Court has unanimously rejected the appeal filed by Do Kwon, former CEO of Terraform Labs, against a Supreme Court ruling granting Justice Minister Bojan Božović the final authority over his extradition. This decision represents a critical development in a case that has garnered global attention due to its legal, financial, and political implications.
Kwon, who was arrested in March 2023 while attempting to travel with a forged passport, is wanted by both the United States and South Korea. Both countries have charged him in connection with the collapse of the Terra-Luna ecosystem in 2022, which caused massive losses to thousands of investors worldwide and raised concerns about crypto market regulation.
The Justice Minister Will Decide the Final Outcome
With the appeal denied, the Justice Minister will now decide whether Kwon will be extradited to the United States or South Korea. According to local news outlet Pobjeda, Kwon’s attorney, Goran Rodić, has called for an impartial decision based solely on legal criteria, free from political influences and external pressures.
The case has also sparked controversy within Montenegro. Former Justice Minister Andrej Milović accused Prime Minister Milojko Spajić of favoring extradition to South Korea due to an alleged economic deal involving long-term airport concessions, raising questions about transparency.
Meanwhile, Kwon faces serious legal consequences. In June, a U.S. court fined him $4.5 billion after he failed to settle a civil lawsuit with the Securities and Exchange Commission (SEC). South Korea has also expressed strong interest in prosecuting Kwon for the damages caused by the Terra-Luna collapse, which destabilized the global cryptocurrency landscape.
The outcome of this case will be pivotal, not only for Do Kwon but also for the broader framework of international judicial cooperation in addressing cryptocurrency-related crimes and safeguarding global financial systems.
