Regulation

Montenegro Prolong Detention of Do Kwon

Published

11 months ago

December 12, 2023

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According to a recent announcement on Terraform Labs co-founder Do Kwon, the High Court in Montenegro has prolonged his detention. Originally set to expire on Friday, Kwon’s custody period has been extended by an additional two months until February 15th. This extension comes as both the United States and South Korea are actively seeking Kwon’s extradition. They have accused him of charges linked to the 2022 collapse of TerraUSD, a notable algorithmic stablecoin.

Do Kwon’s Appeal Against Extradition Decision

Kwon, challenging the extradition decision by the Montenegrin Court, filed an appeal on 6th December, as reported by Coingape. This legal move necessitates the Montenegrin Court of Appeals to reassess the extradition ruling. Despite the local sentiment suggesting minimal chances of overturning the decision, the process is unfolding, with global attention focused on the outcome.

The court’s spokesperson, Marija Rakovic, emphasized the right of individuals in extradition cases to contest court decisions, adding another layer of complexity to the already intricate legal situation.

Extradition Destination: A Question of Jurisdiction

While the extradition decision has been approved, the final determination of whether Kwon will be sent to South Korea or the United States is pending. The decision rests with Montenegro’s Minister of Justice. Kwon has expressed a preference for extradition to Korea during the trial, a factor that might influence the final decision. However, the U.S. Securities and Exchange Commission’s interest in his extradition adds a further dimension to the deliberations.

The Montenegrin legal authorities, along with Kwon Do-hyung’s legal team, are navigating these challenges as they work towards a resolution. Given the high-profile nature of this case, it has garnered significant attention, influencing the proceedings and the involved parties’ strategies.

This case highlights the growing intersection of international law and the rapidly evolving cryptocurrency sector. The attention it has received underscores the global impact of cryptocurrency-related legal issues and the challenges in navigating them across different jurisdictions.