Do Kwon was remanded to Montenegro after being granted release from prison


Now that a date has been set for his extradition to his native country, Do Kwon, co-founder of Terraform Labs and a South Korean, will be confined within the boundaries of Montenegro till his release from jail.

Authorities in Montenegro detained Do Kwon and Han Chang-joon, who had previously served as Terraform’s chief financial officer, in March 2023 on charges of traveling using fraudulent passports. This happened at a time when the crypto tycoon was sought by US and South Korean authorities for fraud offenses related to the 2022 meltdown of the popular Terra ecosystem, which lost more than $50 billion in user cash.

In November 2023, Do Kwon’s four-month imprisonment for using a fraudulent passport finally began in Montenegro. The South Korean national is scheduled for release on March 23, 2024, after serving his sentence, according to local newspaper Vijesti.

Do Kwon, a sought crypto figure, will be unable to leave Montenegrin borders for the time being due to a decision from the High Court of Podgorica mandating the confiscation of his valid travel papers. Do Kwon’s extradition to South Korea to face fraud charges related to his role in the Terra blockchain project makes this development somewhat predictable.

Following Do Kwon’s arrest in Montenegro, the two countries—the United States and the Asian nation—filed extradition petitions, reflecting their earlier dispute over the former Terraform boss’s detention. South Korea was able to get custody of the creator of Terra Luna after a string of court hearings that lasted for months. This was because South Korea had requested extradition from the US before the US did. Nevertheless, new information suggests that the extradition procedure could be temporarily on hold.

Contrary to expectations, the Montenegrin Supreme Court has temporarily halted Do Kwon’s extradition to South Korea while it decides on a petition from the national prosecutors’ office.

Regarding the lower court’s ruling on the extradition request procedure, the Supreme State Prosecutor’s Office of Montenegro requested protection of legality on March 20. Prosecutors said the appeal court made mistakes in its procedure in considering the case.

In particular, the prosecution claims that the dismissal of Kwon’s appeal by the appellate court was an abuse of discretion since only the Supreme Court of Montenegro has the power to decide on such matters. Consequently, the fate of the authorized transfer hinges on the Supreme Court Council’s assessment of the validity of the lower court’s judgment on Kwon’s extradition and the existence or absence of procedural irregularities.

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