South Korea wins Do Kwon extradition rights in Terra saga

Do Kwon is set to return to his native South Korea for criminal prosecution two years after the collapse of Terra’s tokens, which shook the crypto industry. 

Terraform Labs founder Do Kwon will be extradited to South Korea following a ruling by Podgorica’s High Court, according to a Mar. 6 report from local Montenegro media Pobjeda. The news came after Kwon won a third appeal to revoke his repatriation to the United States.

Kwon’s defense team, led by attorney Goran Rodic, challenged the decision announced on Feb. 21, citing judicial misconduct and political coercion. A judge ruled in favor of U.S. extradition based on the supposed order of arrival of requests.

However, an Appellate Court found that the U.S. requested temporary detention rather than full extradition after Kwon’s arrest last year. Conversely, South Korea’s Embassy and Ministry of Justice both petitioned Montenegro for Kwon’s transfer back to his home country. 

It’s unknown if the former Terraform CEO will appeal extradition to South Korea at press time, but the possibility remains considering previous judgments. 

South Korean and U.S. authorities tussled for rights to Do Kwon’s extradition in connection to the multi-billion collapse of Terra, a blockchain ecosystem created by the former tycoon. Both jurisdictions have opened litigation against the founder over fraud and criminal violations in a crash that cost investors more than $60 billion.

The South Korean National Police Agency had solicited help from Interpol before the approval of Kwon’s extradition to the country, per media outlet Newsis. An ex-Terra developer testified in a South Korean court that Kwon knew the Terra project was legally questionable, crypto.news reported.